Odaily Planet Daily News US Securities and Exchange Commission Chairman Gary Gensler expressed doubts about the pending spot bitcoin exchange-traded fund application in a TV interview on Thursday.
Although he made it clear he would not make a direct statement until the full five-member committee considers the latest wave of filings driven by investment giant BlackRock and largely based on a surveillance-sharing agreement with Coinbase, when asked by Bloomberg Television Asked about his thoughts on ETF filings, Gensler expressed concern about general fraud and manipulation in the crypto industry.
“There’s a lot of non-compliance in this space,” Gensler said, commenting on the various combinations of market functions that can occur on crypto trading platforms that are prohibited on traditional financial exchanges for conflict of interest and investor protection reasons. “These trading platforms themselves, while partly falling under securities regulations, do not necessarily comply with time-tested protections against fraud and manipulation today.” (The Block)