US SEC Chairman: The approval of the Bitcoin ETF should not be overinterpreted

U.S. SEC Chairman Gary Gensler said on Wednesday that despite some people's expectations that a spot Ethereum ETF might be the next to get approved, the agency's move earlier this month to approve several spot Bitcoin trading platform products is limited to this one cryptocurrency. When asked about his views on an Ethereum ETF at a media briefing, Gensler said: "As I mentioned two weeks ago, what we did with Bitcoin trading platform products is limited to this non-security commodity and should not be interpreted as anything beyond that." Gensler stated, "In this context, there is better disclosure. They are now listed on stock exchanges rather than traded over-the-counter. There are 10 or 11 listed simultaneously, bringing a certain degree of competition. You've already seen some competition and investors have benefited from it because fees have been reduced."