SEC Chair Gary Gensler Provides Update On Bitcoin ETFs, Cautions Investors On Crypto: 'There Is A Lot Of Noncompliance'

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler gave broad commentary on pending spot Bitcoin ETF applications Thursday as investors eagerly anticipate updates regarding ETF applications. 

What Happened: Gensler appeared on CNBC's "Money Movers" Thursday and spoke about the ongoing application review process.

According to documents filed with the SEC, Blackrock and Fidelity met with SEC representatives on Monday regarding their spot Bitcoin ETF applications.

"We had in the past denied a number of these applications, but the courts here in the District of Columbia weighed in on that, and so, we are taking a new look at this based upon those court rulings," the SEC Chair said.

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Why It Matters: Although Gensler noted that the SEC is taking another look at applications, he cautioned investors on the broader crypto space.

"I would say this about the crypto field: This is a field that your viewers should be aware that there is a lot of noncompliance," Gensler said.

"This is a field where you still don't have the fundamental information on many of these projects, and the intermediaries and so-called 'crypto-exchanges' are co-mingling and doing things that we do not allow anywhere else in our financial system."

Despite caution from regulatory authorities, Bitcoin BTC/USD investors and enthusiasts continue to buy and "HODL." Bitcoin is currently trading near 18-month highs as investor excitement surrounding the potential approval of pending spot Bitcoin ETF applications mounts.

At the beginning of the month, Bloomberg's ETF expert James Seyffart noted that any potential approval is likely to come between Jan. 5 and Jan. 10, 2024.

$BTC Price Action: According to data from Benzinga Pro, Bitcoin was up 3.14% over a 24-hour period at $43,390.86 at the time of publication.

Image: Walkerssk from Pixabay