{"id":355145,"date":"2021-10-20T00:45:00","date_gmt":"2021-10-19T21:45:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/sec-chair-gary-gensler-responds-to-concerns-about-first-bitcoin-linked-etf\/"},"modified":"2021-10-20T00:45:00","modified_gmt":"2021-10-19T21:45:00","slug":"sec-chair-gary-gensler-responds-to-concerns-about-first-bitcoin-linked-etf","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/sec-chair-gary-gensler-responds-to-concerns-about-first-bitcoin-linked-etf\/","title":{"rendered":"# SEC Chair Gary Gensler responds to concerns about first Bitcoin-linked ETF"},"content":{"rendered":"

“# SEC Chair Gary Gensler responds to concerns about first Bitcoin-linked ETF <\/strong>”
\n<\/p>\n

SEC Chair Gary Gensler and Proshares CEO Simeon Hyman discussed<\/a> the launch of the first Bitcoin-linked ETF in a CNBC breaking news<\/a> segment on Tuesday.<\/p>\n

Proshares Bitcoin Strategy ETF, also known as BITO, is based on CME Bitcoin futures contracts. CNBC commentator Bob Pisano shared concerns from some investors that BTC futures could deviate from the BTC spot price:<\/p>\n

\u201cThe futures market is a better place for price discovery,\u201d said Hyman. \u201cThe CME futures market trades more volume than the largest US crypto exchange. We launched a similar mutual fund on 7\/28 and since we launched on Friday, the Bitcoin Reference Rate is up 52 percent, our BTC mutual fund is up 52 percent and the BTC Greyscale Trust is up 37 percent.\u201d<\/p>\n

The debut of BITO follows announcements that other BTC-linked funds, including Valkyrie\u2019s Bitcoin Strategy ETF, are set to start trading on the Nasdaq. A new blockchain-industry-based fund, called the\u00a0Volt Crypto Industry Revolution and Tech ETF, intends to begin trading soon as well.<\/p>\n

Pisano asked SEC Chair Gary Gensler about earlier comments where he said<\/a> he did not have the same concerns with issuing BTC futures-linked funds versus a fully-linked BTC fund. Gensler confirmed:<\/p>\n

\u201cWhat we are trying to do is bring new projects into the investor-protected perimeter. BTC futures have been overseen by the SEC\u2019s sister agency, The Commodities Futures Trading Commission, for the past four years. You have something that\u2019s been overseen for the past four years by a federal regulator and it\u2019s also been wrapp<\/a>ed up in the SEC\u2019s jurisdiction through the Investment Company Act of 1940.\u201d <\/p><\/blockquote>\n

Hyman expressed his confidence in the new fund noting the history of BTC\u2019s price action, US securities laws, and the opportunity for a new opportunity for investors:<\/p>\n

\u201cThere\u2019s 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.\u201d<\/p><\/blockquote>\n