U.S. SEC Chairman: Approval of spot Bitcoin ETF should not be over-interpreted

Gary Gensler, the Chairman of the U.S. SEC, stated on Wednesday that although some people expect a spot Ethereum ETF to be the next one approved, the agency's move earlier this month to approve several spot Bitcoin trading platform products is limited to this type of cryptocurrency.

When asked about his views on Ethereum ETF at a media briefing, Gensler said, "As I said two weeks ago, what we did with Bitcoin trading platform products is limited to this non-security commodity and should not be interpreted as going beyond that."

Gensler said, "In this context, there is better disclosure. They are now listed on stock exchanges rather than traded on over-the-counter markets. At the same time, there are 10 or 11 listed, bringing some competition. You have seen some competition, and investors have benefited from it because costs have come down."