SEC Chair Gary Gensler doesn't want to talk about 'crypto securities'
Securities and Exchange Commission Chair Gary Gensler didn't seem like he wanted to talk about crypto on Wednesday after a meeting focused on the U.S. Treasury market, rebuffing a reporter's question about the status of various applications for spot bitcoin ETFs. "The $26 trillion Treasury market, which is really the base of our entire capital markets. It's how we fund our government. It's how our Federal Reserve does monetary policy. It's how we maintain the dollar dominance around the globe.
The U.S. Treasury market is a very consequential, very important market. Crypto securities are not only much smaller, it's not how we fund our government. It's not how we conduct monetary policy. And for many investors, they've been harmed in that market. And they're being harmed because there's too much non-compliance. It's not just non-compliance with securities laws. It's non-compliance with a raft of other laws. The SEC is currently reviewing more than a dozen applications from asset management giants including BlackRock and Fidelity for what would be the country's first spot bitcoin fund. The price of the world's largest cryptocurrency by market capitalization has surged over recent months as analysts speculate that a decision could be getting closer.
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