SEC Chairman: The approval of ETFs was mainly affected by the Grayscale case ruling and does not mean that the SEC recognizes other cryptocurrencies

The official website of the SEC showed that the Chairman of the SEC, Gary Gensler, released a handwritten letter stating that the SEC committee approved the listing and trading of some spot Bitcoin ETPs (including ETFs) today. Previously, the committee had rejected more than 20 spot Bitcoin ETP trading rule filings, including Grayscale's submission of a document considering converting the Grayscale Bitcoin Trust to an ETP. However, the U.S. Court of Appeals for the District of Columbia Circuit found that the committee failed to fully explain its reasons for not approving the proposed ETP listing and trading by Grayscale. Therefore, the court revoked the Grayscale order and sent the matter back to the SEC committee for reconsideration. Based on these circumstances and the more fully discussed situation in the approval order, I believe the most sustainable way forward is to approve the listing and trading of these spot Bitcoin ETPs.

Gary Gensler reiterated in the letter that the SEC committee only approved non-securities Bitcoin ETPs this time. It does not represent the committee's willingness to approve the listing standards of cryptographic asset securities, nor does it represent the SEC's endorsement of Bitcoin, nor does it indicate the committee's views on the status of other cryptographic assets specified in federal securities laws or the current situation of some cryptographic asset market participants not complying with federal securities laws. Investors should remain cautious about the risks associated with Bitcoin and other cryptocurrency-related products.