Benzinga - U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler on Wednesday confirmed the agency's staff is actively working on several Bitcoin (CRYPTO: BTC) Exchange-Traded Fund (ETF) filings.
This disclosure was a part of the broader regulatory review process aimed at ensuring that these financial products adhere to stringent regulatory standards before being approved for listing on traditional stock exchanges.
This confirmation was at a significant juncture, as the cryptocurrency market keenly observed the regulatory developments. Particularly, with Benzinga's Future of Digital Assets conference on Nov. 14 approaching, where such regulatory undertakings are expected to be a major point of discussion, Gensler's comments were particularly pertinent.
In an interview with Bloomberg TV, Gensler refrained from delving into specific details about any particular filing but emphasized that there are "eight or ten filings" currently under review.
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This not only reflects the heightened interest from asset managers in launching Bitcoin ETFs but also indicates the SEC's comprehensive approach to reviewing these filings to ensure investor protection and market integrity.
Gensler highlighted the review process is quite rigorous, likening it to the traditional Initial Public Offering (IPO) process that companies undergo before going public.
This process involves a thorough examination by various divisions within the SEC, including the division of corporation finance and the division of trading and markets.
While the anticipation for a Bitcoin ETF approval continued to build within the cryptocurrency community and traditional financial sectors alike, Gensler's comments provided a glimpse into the regulatory diligence being applied.
It also underscored the SEC's commitment to a meticulous review to ensure that any approved Bitcoin ETF aligned with the regulatory framework aimed at safeguarding investor interests and maintaining market stability.
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