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Securities and Exchange Commission Chairman Gary Gensler belied impatience upon fielding questions from reporters about crypto, including his agency\u2019s handling of applications to launch Ethereum ETFs. In speaking with journalist Annmarie Hordern at the Bloomberg Invest event in New York on Tuesday, Gensler accused his interviewer of going after \u201cclicks\u201d after she asked him several questions related to crypto policy.<\/p>\n
The issue of cryptocurrency ETFs has been a contentious one during Gensler\u2019s SEC tenure, most notably when a federal appeals court last year rejected the agency\u2019s decision to refuse applications for a Bitcoin ETF. The court ruling led the SEC to approve those Bitcoin applications in January and, despite initial signals from Gensler that the Ethereum petitions would be rebuffed, the agency more recently indicated it would grant them.<\/p>\n
The agency\u2019s apparent change of heart has led to ongoing speculation about how long the process will take. Despite his grumblings, Gensler\u2014a noted crypto opponent\u2014offered a few details.<\/p>\n
\u201cI don\u2019t know the timing, but it\u2019s going smoothly.\u201d He elaborated that his team is waiting for asset managers to make \u201cproper disclosures.\u201d <\/p>\n
Gensler\u2019s comments came after SEC filings<\/a> from this spring suggested that the agency may have adopted the position that Ethereum was a security for more than a year.<\/p>\n Gensler also made a point to clarify that an ETF trading Ethereum futures has already been approved. Last October, the SEC approved futures ETF applications for Valkyrie Investments, VanEck Funds, Proshares, Bitwise Asset Management, and five others. The pending spot ETF applications would give investors direct exposure to the asset via regulated exchanges.<\/p>\n Once heralded<\/a> as a supporter of crypto by many who saw his tenure teaching a course on the subject at MIT as an endorsement, Gensler has come down hard on the industry over the past few years. Last year alone, the regulator brought 46 enforcements against crypto-related firms, according to a Bloomberg report<\/a>.<\/p>\n Gensler juxtaposed the 11 bitcoin ETFs the SEC approved this year, which are currently trading on regulated markets, with what he called the \u201cnon-compliant model,\u201d or exchanges that also knowingly trade non-compliant securities. \u201cIt\u2019s about real protections for investors and for other people that want to access the capital markets,\u201d said Gensler. It\u2019s about trust in those markets.\u201d<\/p>\n Gensler declined to answers a question about reports that his stance on crypto might cost Joe Biden, who appointed him, the election. \u201cMy number one priority is the American public,\u201d said Gensler. \u201cThat\u2019s the client, and so that\u2019s who we represent.\u201d<\/p>\n<\/div>\nSubscribe to the Fortune Next to Lead newsletter to get weekly strategies on how to make it to the corner office. Sign up for free<\/a>.<\/div>\n<\/div>\n