Gensler Dodges Crypto Questions After Treasury Market Meeting
Securities and Exchange Commission (SEC) Chair Gary Gensler appeared reluctant to discuss cryptocurrency during a meeting focused on the U.S. Treasury market, evading a reporter’s question regarding the status of spot bitcoin ETF applications.
Gensler’s response came during an interview on Bloomberg Television, where he emphasized the significance of the $26 trillion Treasury market and downplayed the relative importance of crypto securities.
He may not have liked all the questions… but appreciate Chair Gensler giving us his time! https://t.co/pusBa2qmwo
— Kailey Leinz (@kaileyleinz) December 13, 2023
“The U.S. Treasury market is a very consequential, very important market. Crypto securities are not only much smaller, it’s not how we fund our government. It’s not how we conduct monetary policy,” Gensler stated in response to the reporter’s query about spot funds.
He further highlighted the potential harm faced by investors in the crypto market due to non-compliance with securities laws and other regulations.
Currently, the SEC is reviewing more than a dozen applications from prominent asset management firms, including BlackRock and Fidelity, for the launch of the first spot bitcoin fund in the country.
Speculation around an imminent decision has contributed to the recent surge in the price of bitcoin, the world’s largest cryptocurrency by market capitalization.
Bitcoin constitutes approximately $838 billion of the total crypto market capitalization, which stands at nearly $1.7 trillion.
On Wednesday, its price rose by 4.1%, reaching $42,802 at 2:45 p.m. ET.
When questioned about the ongoing review process for spot bitcoin funds last month, Gensler refrained from providing specific details, stating that he did
