Chair of the Securities and Exchange Commission, Gary Gensler, appeared uninterested in discussing cryptocurrencies on Wednesday following a meeting centered on the U.S.
Treasury market, dismissing a reporter’s inquiry regarding the status of multiple applications for spot bitcoin ETFs.
In an interview with Bloomberg Television, Gensler stated in response to a query regarding the spot funds, “The $26 trillion Treasury market, which is really the base of our entire capital markets.”
He added, “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. And you want to ask me about crypto?”
“What are your priorities?” he went on. “The U.S. Treasury market is a highly significant and influential market. Not only are crypto assets substantially smaller, but they are not how our government is financed. That’s not how monetary policy is carried out.”
Gensler also explained that many investors have also lost a lot of money in that market. Additionally, they are facing repercussions due to their extreme non-compliance. It involves more than just breaching securities laws. It also violates several other laws.
More than a dozen applications for the nation’s first Bitcoin fund, submitted by major asset managers like Fidelity and BlackRock, are presently being examined by the SEC.
The world’s most valuable cryptocurrency by market capitalization has seen a price increase in recent months due to analyst speculation that a decision may be imminent.
When questioned last month about the ongoing review process for the spot Bitcoin finds, Gensler remained silent, stating that he didn’t want to “pre-judge” the situation. He has referred to the agency’s review procedure as “time-tested” in the past.
