Will we soon see an ETF for meme currencies like BONK: SEC Chairman answers!
SEC Chairman Gary Gensler sat down with Jim Cramer, host of CNBC's Mad Money, on Wednesday to discuss regulatory approvals for exchange-traded funds (ETFs) for Bitcoin and Ethereum. And review what might happen in the future.
The discussion included inquiries about the possibility of some little-known cryptocurrencies, such as SushiSwap (SUSHI) and Bonk (BONK), getting their own ETFs soon.
Cramer presented a list of digital currencies on Gensler, all of which are worth millions of dollars in circulation. These digital currencies included:
Cardano (ADA), Cosmos, Immutable, Ronin, and MyNeighborAlice, among others.
Kramer asked:
Should we have a SUSHISWAP ETF in 2 weeks?
I think BONK is the natural choice.
These currencies are trading in millions of dollars – shouldn’t we have some sort of investment product for these currencies?
Gensler did not provide specific answers to these questions, but he pointed out that many digital currencies generally do not provide the necessary disclosures to make informed investment decisions, which means that these currencies are unregistered securities
He also pointed to cryptocurrency exchanges that do things that the New York Stock Exchange would not allow them to do.
Gensler added:
We have seen bankruptcies in this area.
High-profile figures are either in prison, about to go to prison, or awaiting extradition.
Gensler also commented on Ethereum ETF approvals late last month, noting that it will take some time before their registration data is approved and they can be listed on public exchanges.
When asked about this previously, BlackRock's head of digital assets stated that the company is not focusing much on launching altcoin ETFs, with Bitcoin considered the top priority among its client base.
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