SEC states Bitcoin's transparency has increased due to ETF, reiterates disapproval of "other" crypto assets

Perhaps to avoid causing market fluctuations? SEC Chairman Gary Gensler, rarely vocal about cryptocurrencies other than Bitcoin, poured cold water on Ethereum spot ETFs once again during a media briefing.

Gary Gensler: No Endorsement of Assets Beyond Bitcoin

Gary Gensler recently held a media briefing, as reported by The Block, where it was mentioned that following the SEC's approval of a Bitcoin ETF, there is widespread anticipation that the next approval might be for an "Ethereum spot ETF."

In response to this, Gary Gensler reiterated his previous stance:

As I said two weeks ago, our work on the Bitcoin ETF was limited to this single non-securities commodity, BTC, and should not be interpreted as an endorsement of any other product.

Spot ETFs Enhance Bitcoin Transparency

Although Gensler initially explained in his statement that the approval of the Bitcoin ETF was mainly due to the defeat of Grayscale, he pointed out that there has been significant improvement in the trading environment for Bitcoin:

From this perspective, Bitcoin has greater transparency as they are listed on exchanges rather than traded over-the-counter. With 11 issuers operating simultaneously, this has created a competitive environment, and we are starting to see some commercial competition, benefiting investors with lower fees.

SEC's actions in the crypto space are still ongoing, and the lawsuits involving SEC, Binance, and Coinbase have not been formally concluded.

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