SEC Chair Gary Gensler Signals Potential Support for Futures-Based Bitcoin ETF

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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler says he is open to exchange-trade funds (ETFs) for Bitcoin futures.
While speaking at the Future of Asset Management North America Conference on Wednesday, Gensler told attendees that his staff will be reviewing a number of recent cryptocurrency-related ETF filings.
 
“[Regarding] investment vehicles providing exposure to crypto assets, earlier this year a number of open-end mutual funds launched that invested in Chicago Mercantile Exchange (CME)-traded Bitcoin [BTC] futures.
Subsequently, we’ve started to see filings under the Investment Company Act with regard to exchange-traded funds seeking to invest in CME-traded Bitcoin futures.
When combined with the other federal securities laws, the ’40 Act provides significant investor protections for mutual funds and ETFs. I look forward to staff’s review of such filings.”
The Investment Advisers Act of 1940 was established to keep track of who operated within the securities industry, and today the SEC oversees its implementation nationwide.
While the SEC chair is often in the news for his criticism of digital assets, Gensler recently acknowledged that the underlying blockchain technology “has been a catalyst for change around the globe.”
He also noted in the new speech,
“The asset management field not only is growing, it is evolving. SEC staff are seeing new strategies, structures, and business practices.
Technology is rapidly changing. This trend not only creates new opportunities, but also risks for markets and investors. The SEC must grow and evolve with the industry.”
Gensler’s public Bitcoin ETF comments echo a prediction made by Galaxy Digital CEO Mike Novogratz back in February.
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