SEC chief Gary Gensler reiterates support for bitcoin futures ETFs as the regulator continues to mull approval for crypto funds

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SEC chief Gary Gensler reiterates support for bitcoin futures ETFs as the regulator continues to mull approval for crypto funds
Bitcoin. Nurphoto / Getty Images
  • SEC Chairman Gary Gensler renewed support for a bitcoin futures ETF.
  • The support came from prepared remarks for a Financial Times conference.
  • The SEC is reviewing more than a dozen ETF filings for bitcoin and bitcoin futures products, among others, but none have been approved yet.

Gary Gensler, the US Securities and Exchange Commission chairman, renewed his support for bitcoin futures Wednesday.

In prepared remarks for the Financial Times' "Future of Asset Management North America Conference," Gensler noted a number of open-end mutual funds invested in bitcoin futures traded on the Chicago Mercantile Exchange.

He also cited a 1940 law that provides "significant investor protection" for mutual funds and ETFs. Gensler first shared his support for a bitcoin futures ETF, supported by the 1940 law, in August when he said he would be open to bitcoin funds coming to the market under certain conditions.

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Gensler's agency is in the process of reviewing more than a dozen ETF filings for bitcoin and bitcoin futures products, among others, but none have been approved yet.

"I look forward to staff's review of such filings," he said in the prepared remarks.

The SEC has been wary to approve bitcoin ETFs amid fears of a wave of applications and the potential for market manipulation, Insider previously reported.

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