US SEC Chair Refuses to Comment on Spot Bitcoin ETF Applications, Highlights Noncompliance in Crypto

The US Securities and Exchange Commission (SEC) Chair Gary Gensler refused to comment on the recent spot Bitcoin ETF applications by BlackRock and other financial giants in an interview with Bloomberg. Once again, he expressed his concerns about the crypto space.

The SEC has begun the review of several spot Bitcoin ETF applications last week. Gensler said that he wouldn't make a direct statement on the matter until the full five-member commission could consider the filings.

As for the crypto industry, Gensler mentioned that the combinations of different market functions that could occur on crypto trading platforms were prohibited in traditional financial exchanges for conflict of interest and investor protection reasons. He said, "there's a lot of noncompliance in this field. The platforms themselves, where trading is occurring of various crypto tokens, though some of it comes under the securities laws, currently they’re not necessarily compliant with those time-tested protections against fraud and manipulation."

Related: U.S. SEC to Commence Review of Spot Bitcoin ETF Application, Initial Decision Deadline Set at 45 Day

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