See Why the SEC Approved the Bitcoin Futures ETF

History was made yesterday, 19th October, 2021 when the first ever Bitcoin futures ETF from Proshares launched on the New York Stock Exchange (NYSE) in the United States. However, the Chairman of the Securities and Exchange Commission (SEC), Gary Gensler has made comments on the launch in a recent interview with CNBC.

In a recent interview with Bob Pisano on CNBC, SEC’s Gary Gensler shared their thoughts about the recently launched Bitcoin ETF. Gary Gensler was asked by the CNBC commentator why he approved a Bitcoin futures ETF. In his reply, he noted;

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“What we’re trying to do is ensure the best we can within our authorities to bring projects into the investor protection perimeter. Bitcoin futures have been overseen by our sibling agency, the Commodity Futures Trading Commission [CFTC], which I was once honored and proud to serve there and that’s been four years”

He went on while responding to the question by noting that he would not specify on any project or product, but said;

“What you have here is a product that’s been overseen for four years by a U.S. federal regulator, the CFTC, and that’s being wrapped inside of something that’s within our jurisdiction called the Investment Company Act of 1940. So, we have some ability to bring it inside of investor protection.”

Closing out, he stressed that “Bitcoin is still a highly speculative asset class and listeners should understand that underneath this, it still has that same aspect of volatility and speculation.. Our sister agency is overseeing this for four years and then it brings it inside an 80-year-old law here at the SEC…”

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