Gary Gensler, SEC chair, says bitcoin exchange-traded funds could be ripe for manipulation and fraud, a Bloomberg report says.
Gensler, speaking with Senate Banking Committee top Republican Pat Toomey, said that although non-U.S. regulators have approved ETFs, the SEC wouldn’t be influenced by that.
Gensler said he’s fine with futures-based ETFs because they trade on highly-regulated exchanges – but that bitcoin was a different story and didn’t have enough regulatory oversight and surveillance.