The crypto community is eagerly awaiting the approval of Bitcoin-EFT.
Most of the ETF filings were filed under 1930s laws that allow stock exchanges to list products. The SEC hints that it would like to see an application that requires approval under the 1940 law regulating mutual funds. Lawyers said the mutual fund law provides better protection for investors and requires that fund councils ensure that investment is closely monitored.
At least half a dozen Bitcoin ETF applications have now been filed with the SEC, and Gensler said in his speech that while he is interested in Blockchain technology and sees potential value in cryptocurrency, he plans to act aggressively to protect investors in this area.
"We just don't have enough investor protection in crypto," he said. "It's more like the Wild West."
According to Bloomberg.
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