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Bitcoin ETF Approval Odds Grow Longer After Gensler Critique

  • ‘Greater investor protection’ needed in crypto: SEC chair
  • New agency leadership, Canadian ETF fueled hopes for approval
Gary Gensler

Gary Gensler

Photographer: Andrew Harrer/Bloomberg

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At least nine new U.S. crypto ETF filings stoked optimism regulatory approval was close. Wall Street’s top cop all but doused it with a string of comments last week.

Freshly sworn-in Securities and Exchange Commission Chairman Gary Gensler told Congress that the cryptocurrency market “could benefit from greater investor protection,” signaling that a long-stated prerequisite for SEC oversight of the industry has not been met. He also urged lawmakers give the agency regulatory authority over trading venues, a stance he reiterated in a CNBC interview Friday.