SEC Chairman approves spot BTC ETF statement | Ful

Original text | SEC Chairman Gary Gensler

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Today, the U.S. SEC officially approved 11 spot Bitcoin ETFs including VanEck, Bitwise, Fidelity, Franklin, Valkyrie, Hashdex, Ark Invest, Grayscale, BlackRock, WisdomTree, and Invesco Galaxy.

SEC Chairman Gary Gensler released a Bitcoin spot ETF approval statement on the SEC’s official website. The SEC has approved a number of Bitcoin spot ETFs, the statement said. The Commission evaluates any rule submission from a national securities exchange based on whether it is consistent with the Exchange Act and its subordinate regulations, including whether the rule is designed to protect investors and the public Benefit. The committee is neutral in its evaluation process and does not express views on specific companies, investments or assets underlying exchange-traded products (ETPs).

Gensler further stated that this in no way indicates the Commission’s willingness to approve listing standards for crypto-asset securities, nor does approval indicate the Commission’s position on the legal status of other crypto-assets under federal securities laws or on the status quo of violations of federal securities laws by certain crypto-asset market participants. What perspective.

The following is the full text of Gary Gensler’s approval statement

Today, the Commission approved the listing and trading of a number of spot Bitcoin exchange-traded product (ETP) shares.

I have often said that the Commission acted in accordance with the law and the interpretation of the law by the courts. From the beginning of Jay Clayton’s chairmanship in 2018 to March 2023, the committee rejected more than 20 artifacts of spot Bitcoin ETPs. One of these was proposed by Grayscale, with its plan to convert the Grayscale Bitcoin Trust into an ETP.

We are now faced with a new set of applications similar to those we have declined to approve in the past. However, things have changed. The U.S. Court of Appeals for the District of Columbia held that the Commission failed to adequately explain its reasons for rejecting Grayscale’s proposed listing and trading of the ETP. Accordingly, the court dismissed the case and remanded the matter back to the Commission for reconsideration. Based on these circumstances and those more fully discussed in the Approval Order, I believe the most sustainable path forward is to approve the listing and trading of these spot Bitcoin ETP shares.

The Commission evaluates any rule submitted by a national securities exchange for compliance with the Exchange Act and its provisions, including whether it is designed to protect investors and the public interest. The committee is neutral and does not express an opinion on specific companies, investments or underlying assets of ETPs. If an issuer of securities and the exchange on which it is listed comply with the Securities Act, the Exchange Act, and the Commission's rules, the issuer must be provided with the same access to our regulated markets as others.

Importantly, today’s Commission action is limited to ETPs holding Bitcoin, a non-security commodity. It should in no way indicate that the Commission is willing to approve listing standards for crypto-asset securities. The approval also does not indicate the Commission’s view on the status of other crypto-assets under federal securities laws or the current status of non-compliance with federal securities laws by certain crypto-asset market participants. As I have said in the past, without prejudging any one crypto-asset, the vast majority of crypto-assets are investment contracts and, therefore, subject to federal securities laws.

Today’s investors can already buy, sell or otherwise gain exposure to Bitcoin at a number of brokerage firms, mutual funds, national securities exchanges, peer-to-peer payment applications, non-compliant crypto trading platforms. And, of course, through the Grayscale Bitcoin Trust. Today's action will include certain protections for investors:

First, issuers of Bitcoin ETPs will be required to provide full, fair and truthful disclosures about the products. Investors in any listed and traded Bitcoin ETP will benefit from the disclosures in the public registration statement and required periodic filings. While these disclosures are required, it is important to note that today’s action does not endorse the disclosed ETP arrangements, such as custody arrangements.

Secondly, the products will be listed and traded on a registered national stock exchange. Such regulated exchanges must have rules designed to prevent fraud and manipulation, and we will monitor them closely to ensure they enforce these rules. Additionally, the Commission will comprehensively investigate any fraud or manipulation in securities markets, including schemes to exploit social media platforms. Such regulated exchanges also have rules designed to address certain conflicts of interest and protect investors and the public interest.

In addition, existing rules and standards of conduct will apply to the purchase and sale of approved ETPs. Examples include the regulation of best interests when broker-dealers recommend ETPs to retail investors and the fiduciary duties imposed on investment advisers under the Investment Advisers Act. Today’s action does not approve or endorse cryptocurrency trading platforms or intermediaries, which are largely inconsistent with federal securities laws and often present conflicts of interest.

Third, SEC staff are completing the registration statement review of 10 spot Bitcoin ETPs at the same time, which will help create a level playing field for issuers, promote fairness and competition, and benefit investors and the broader market.

The agency has extensive experience in regulating spot non-security commodity ETPs, such as those holding certain precious metals, since 2004. This experience has been extremely valuable in our oversight of Bitcoin ETP spot trading.

Although we are neutral, I would point out that the underlying assets in metal ETPs have consumer and industrial uses, whereas Bitcoin, in comparison, is primarily a speculative, volatile asset that is also used in illegal activities , including ransomware, money laundering, sanctions evasion and terrorist financing.

While we have approved the listing and trading of certain spot Bitcoin ETP shares today, we have not approved or endorsed Bitcoin. Investors should remain cautious about the numerous risks associated with Bitcoin and products whose value is tied to the cryptocurrency.

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