Gary Gensler 关于比特币 ETF 批准的声明

美国证券交易委员会主席 Gary Gensler 在监管机构批准现货比特币 ETF 后发表了这一声明：

2024 年 1 月 10 日

今天，委员会批准了一些现货比特币交易所交易产品（ETP）股票的上市和交易。

我经常说委员会在法律范围内行事以及法院如何解释法律。

从 2018 年主席 Jay Clayton 的领导到 2023 年 3 月，委员会否决了 20 多项现货比特币 ETP 的交易规则备案。

其中一份由 Grayscale 提交的文件考虑将 Grayscale 比特币信托转换为 ETP。

我们现在面临着一组新的申请，与我们过去拒绝批准的申请类似。

然而，情况已经发生了变化。

美国哥伦比亚特区上诉法院认为，委员会未能充分解释其不批准灰度拟议的 ETP（灰度订单）上市和交易的理由。

因此，法院撤销了灰度令，并将此事发回委员会重审。

基于这些情况以及批准令中更充分讨论的情况，我认为最可持续的前进道路是批准这些现货比特币 ETP 股票的上市和交易。

委员会根据国家证券交易所提交的任何规则是否符合《交易法》及其规定进行评估，包括其是否旨在保护投资者和公共利益。

委员会是中立的，不会对特定公司、投资或 ETP 基础资产发表意见。

如果证券发行人和上市交易所遵守《证券法》、《交易法》和委员会的规则，则必须向该发行人提供与其他人相同的进入我们受监管市场的机会。

重要的是，今天的委员会行动仅限于持有一种非证券商品比特币的 ETP。

它绝不应该表明委员会愿意批准加密资产证券的上市标准。

该批准也没有表明委员会对联邦证券法规定的其他加密资产的地位或某些加密资产市场参与者不遵守联邦证券法的现状的看法。

正如我过去所说，在不预先判断任何一种加密资产的情况下，绝大多数加密资产都是投资合约，因此受到联邦证券法的管辖。

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.

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