U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler made a series of comments related to the cryptocurrency market today on CNBC.
Regarding the recently partially approved Ethereum spot ETF, Gary Gensler said that the next step of approval (i.e., S-1 file) will take some time. Fox reporter Eleanor Terrett said that this may be a hint that the S-1 approval process may be slow. , meaning that the Ethereum spot ETF will take longer to be listed for trading. On the other hand, this may also be good news. This paragraph shows that the SEC is still moving forward with the S-1 filing, rather than rejecting it outright.
In addition, Alexander Grieve, head of public policy at venture capital firm Paradigm, pointed out that Gary Gensler changed his previous wording in the interview from "all tokens are securities" to "tokens lack appropriate disclosures," which seems to indicate that Gary Gensler softens his hawkish stance on cryptocurrencies.
SEC Chair Gary Gensler on @CNBC Squawk Box this morning. Note the pivot from “all tokens are securities” to “tokens lack proper disclosure”. Cramer asked about other token ETFs, Gensler dodges as usual into crypto bankruptcies as an answer for why crypto bad, SEC good. pic.twitter.com/FmSZkwuTYW
— Alexander Grieve (@AlexanderGrieve) June 5, 2024
Commenting on the cryptocurrency market, Gary Gensler also said that traditional financial stock exchanges are blocked and will not act as counterparties to investors, while cryptocurrency exchanges are doing things that the law would never allow the New York Stock Exchange or traditional exchanges to do. things.
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