As a researcher with a background in finance and securities regulation, I find Gary Gensler’s recent interview with Jim Cramer on CNBC’s Mad Money intriguing. Given my experience in the field, I am particularly interested in the topic of Bitcoin and Ethereum ETFs, as well as the potential for ETFs based on other crypto tokens like SushiSwap (SUSHI), Bonk (BONK), Cardano, Cosmos, Immutable, Ronin, MyNeighborAlice, and others.
As the chairman of the US Securities and Exchange Commission (SEC), I had the opportunity to engage in a productive conversation with Jim Cramer on his Mad Money show on CNBC last Wednesday. During our discussion, we delved into the recent approvals of Bitcoin and Ethereum exchange-traded funds (ETFs) by the SEC, as well as potential future developments in this realm.
As a crypto investor, I often ponder over the potential future developments in the cryptocurrency market. One intriguing question that crosses my mind is whether obscure meme coins like SushiSwap (SUSHI) and Bonk (BONK) could eventually secure their own Exchange-Traded Funds (ETFs). While there’s no definitive answer at the moment, the possibility of such a scenario unfolding adds an exciting layer to my investment journey.
- Cramer named a host of coins to Gensler that had all traded “millions of dollars” on Wednesday morning – including Cardano, Cosmos, Immutable, Ronin, and MyNeighborAlice, among others.
“Two weeks from now, do you think it’s appropriate to introduce an Exchange-Traded Fund (ETF) for SushiSwap, Bonk, or Osmosis?” Cramer inquired. “Given the substantial trading volumes these platforms command, wouldn’t it make sense to create investment vehicles for easier access?”
- Gensler did not provide specific answers to those questions, but noted that many of the crypto tokens generally “have not given you the disclosures you need to make investment decisions,” implying that such tokens are unregistered securities.
- He also called out crypto exchange platforms, which are “doing things we would never allow our New York Stock Exchange to do.”
- “You’ve seen the bankruptcies in this space,” Gensler said. “The most leading lights in this field are either in jail, about to go to jail, or awaiting extradition.”
- Gensler also commented on the Ethereum spot ETF approvals late last month, which he said will still “take some time” before their registration statements are approved and they can be listed on public exchanges.
- When previously questioned on the matter, BlackRock’s Head of Digital Assets said the fund had little interest in launching altcoin ETFs, with Bitcoin being the “overwhelming top priority” among its client base.
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2024-06-05 23:21