Summary
SEC Chair Gary Gensler published a warning on X (formerly Twitter), advising crypto investors to be cautious with their investments as some crypto asset offerings may not comply with applicable laws. This warning came after several issuers, including Grayscale, BlackRock, and Fidelity, submitted their amended S-1 filings for bitcoin exchange-traded funds (ETFs). Gensler’s comments align with his previous stance that bitcoin is a highly speculative investment.
Key Points
1. US Securities and Exchange Commission Chair Gary Gensler advised crypto-interested investors to be cautious when allocating their funds and warned that those offering crypto asset investments/services may not be complying with applicable laws.
2. Gensler’s warning came shortly after several issuers, including Grayscale, ARK/21Shares, BlackRock, and Fidelity, submitted their amended S-1 filings for bitcoin exchange-traded funds (ETFs), indicating that the SEC is moving closer to approving or denying these products.
3. Gensler’s comments align with his previous views on crypto, where he has referred to bitcoin as a “highly speculative investment.”