SEC Chair Gary Gensler responds to concerns about first Bitcoin-linked ETF

Oct 20

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Key Points

In the same interview, ProShares CEO Simeon Hyman opined that regulated futures traded in a 40-act ETF will open the opportunity to get BTC exposure to a lot of folks who may have been waiting on the sidelines.
“The futures market is a better place for price discovery,” said Hyman. “The CME futures market trades more volume than the largest U.S. crypto exchange. We launched a similar mutual fund on 7/28, and since we launched on Friday, the Bitcoin Reference Rate is up 52%, our BTC mutual fund is up 52% and the BTC Greyscale Trust is up 37%.”
Pisani asked Gensler about earlier comments where he said he did not have the same concerns with issuing BTC futures-linked funds versus a fully-linked BTC fund. Gensler confirmed:
“What we are trying to do is bring new projects into the investor-protected perimeter. BTC futures have been overseen by the SEC’s sister agency, the Commodities Futures Trading Commission, for the past four years. You have something that’s been overseen for the past four years by a federal regulator, and it’s also been wrapped up in the SEC’s jurisdiction through the Investment Company Act of 1940.”
“There’s a lot of history here. We believe it will trade quite well. We think regulated futures traded in a 40-act ETF will open the opportunity to get BTC exposure to a lot of folks who may have been waiting on the sidelines.”

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