The head of the Securities and Exchange Commission, Gary Gensler, has currently put all the bitcoin exchange-traded funds applications on hold because he wants to examine other options.
A discussion was held in the House of Representatives subcommittee, where Gensler put forward his concerns related to the challenges and problems that the investors have to face in markets related to crypto. He also pointed out that there is no proper or fixed cryptocurrency exchange that has been registered with the SEC.
The SEC has yet to approve money exchange bitcoin applications
A lot of different firms such as, Skybridge, VanEck, WisdonTree, Fidelity, and First Trust, has submitted applications regarding the bitcoin money exchange, the SEC has yet to approve all of these applications, but unfortunately, they are currently on hold from one side, but the other side keeps growing as more ETF applications are being submitted by some of these firms, which might be in a small amount but the growth is immense.
As the applications keep growing, the SEC has been set as they have rejected several requests regarding Bitcoin ETF, and the majority of them are being delayed. The new deadline related to the results of VanEck’s would be out in June.
Gensler’s strategy
Many people interested in crypto were excited when Gensler was appointed since he used to teach a course, blockchain technology, at MIT.
But now, he wants to have more protection for the investors in bitcoin. Investors have been warned about the risks involved in the crypto market. Due to these, crypto enthusiasts are highly disappointed in Gensler.
Alternatives for Crypto ETF
The accumulation of these crypto ETFs has made other keen investors explore crypto money through different options.
The Commissioner of SEC, Hester Peirce, already said that the more delay there would be, the more investors will find other options. These options include the crypto trust, which is being offered by Grayscale, or investment made in bitcoin by MicroStrategy.
Canada has already approved ETF from Bitcoin
There has been a billion-dollar international inflow due to crypto-based products. A bitcoin exchange trade was launched recently in London as an alternative exchange.
