The Securities and Exchange Commission is beginning to bless the first widely available investment funds that track Bitcoin, opening a rift with watchdog groups who argue increased exposure to the volatile market puts consumers at risk
SEC Chair Gary Gensler has dropped hints that the agency would be open to allowing the funds to be traded. | Evelyn Hockstein-Pool/Getty Images.
The move is stirring rare tensions between investor advocates and SEC Chair Gary Gensler, who has been long hailed by consumer groups and progressive lawmakers as a tough regulator willing to challenge the finance industry. The same groups now warn that giving individual investors a greater ability to tap into cryptocurrency is dangerous because of its lack of regulation. Gensler himself has described the underlying market as the “Wild West,” rife with fraud and abuse.
The proposed investment vehicles would not be made up of Bitcoin directly but would instead be linked to the market for Bitcoin futures contracts — financial derivatives that represent speculative bets on the price of the digital currency. Traders are eyeing three Bitcoin futures ETFs that will likely go live this month. A fund pitched by ETF provider ProShares was expected to start trading on the New York Stock Exchange Tuesday.
"When combined with the other federal securities laws, the '40 Act provides significant investor protections," Gensler said in an August speech. "Given these important protections, I look forward to the staff’s review of such filings, particularly if those are limited to these CME-traded Bitcoin futures."
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