美國證券交易委員會主席 Gary Gensler 在監管機構批准現貨比特幣 ETF 後發表了這項聲明：
2024 年 1 月 10 日
今天，委員會批准了一些現貨比特幣交易所交易產品（ETP）股票的上市和交易。
我經常說委員會在法律範圍內行事以及法院如何解釋法律。 從 2018 年主席 Jay Clayton 的領導到 2023 年 3 月，委員會否決了 20 多項現貨比特幣 ETP 的交易規則備案。 其中一份由 Grayscale 提交的文件考慮將 Grayscale 比特幣信託轉換為 ETP。
我們現在面臨一組新的申請，與我們過去拒絕批准的申請類似。 然而，情況已經改變了。 美國哥倫比亞特區上訴法院認為，委員會未能充分解釋其不批准灰階擬議的 ETP（灰階訂單）上市和交易的理由。 因此，法院撤銷了灰階令，並將此事發回委員會重審。 基於這些情況以及批准令中更充分討論的情況，我認為最可持續的前進道路是批准這些現貨比特幣 ETP 股票的上市和交易。
委員會根據國家證券交易所提交的任何規則是否符合《交易法》及其規定進行評估，包括是否旨在保護投資者和公共利益。 委員會是中立的，不會對特定公司、投資或 ETP 基礎資產發表意見。 如果證券發行人和上市交易所遵守《證券法》、《交易法》和委員會的規則，則必須向該發行人提供與其他人相同的進入我們受監管市場的機會。
重要的是，今天的委員會行動僅限於持有一種非證券商品比特幣的 ETP。 它絕不應該表明委員會願意批准加密資產證券的上市標準。 該批准也沒有表明委員會對聯邦證券法規定的其他加密資產的地位或某些加密資產市場參與者不遵守聯邦證券法的現狀的看法。 正如我過去所說，在不預先判斷任何一種加密資產的情況下，絕大多數加密資產都是投資合約，因此受到聯邦證券法的管轄。
Investors today can already buy and sell or otherwise gain exposure to bitcoin at a number of brokerage houses, through mutual funds, on national securities exchanges, through peer-to peer payment apps, on non-compliant crypto trading platforms, and, of course, through the Grayscale Bitcoin Trust. Today’s action will include certain protections for investors:
First, sponsors of bitcoin ETPs will be required to provide full, fair, and truthful disclosure about the products. Investors in any bitcoin ETP that is listed and traded will benefit from the disclosure included in public registration statements and required periodic filings. While these disclosures are required, it is important to note that today’s action does not endorse the disclosed ETP arrangements, such as custody arrangements.
Second, these products will be listed and traded on registered national securities exchanges. Such regulated exchanges are required to have rules designed to prevent fraud and manipulation, and we will monitor them closely to ensure that they are enforcing those rules. Furthermore, the Commission will fully investigate any fraud or manipulation in the securities markets, including schemes that use social media platforms. Such regulated exchanges also have rules designed to address certain conflicts of interest as well as to protect investors and the public interest.
Further, existing rules and standards of conduct will apply to the purchase and sale of the approved ETPs. This includes, for example, Regulation Best Interest when broker-dealers recommend ETPs to retail investors, as well as a fiduciary duty under the Investment Advisers Act for investment advisers. Today’s action does not approve or endorse crypto trading platforms or intermediaries, which, for the most part, are non-compliant with the federal securities laws and often have conflicts of interest.
Third, Commission staff is separately completing the review of registration statements for 10 spot bitcoin ETPs simultaneously, which will help create a level playing field for issuers and promote fairness and competition, benefiting investors and the broader market.
Since 2004, this agency has had experience overseeing spot non-security commodity ETPs, such as those holding certain precious metals. That experience will be valuable in our oversight of spot bitcoin ETP trading.
Though we’re merit neutral, I’d note that the underlying assets in the metals ETPs have consumer and industrial uses, while in contrast bitcoin is primarily a speculative, volatile asset that’s also used for illicit activity including ransomware, money laundering, sanction evasion, and terrorist financing.
While we approved the listing and trading of certain spot bitcoin ETP shares today, we did not approve or endorse bitcoin. Investors should remain cautious about the myriad risks associated with bitcoin and products whose value is tied to crypto.
