Gary Gensler, the chairman of the U.S. Securities and Exchange Commission (SEC), criticized the cryptocurrency industry, referring to it as a “Wild West” of noncompliance. He stated that the industry is plagued with fraud, abuse, and misconduct. Meanwhile, lawmakers questioned Gensler about the approval of a spot Bitcoin exchange-traded fund (ETF), to which he responded that the SEC is still reviewing the matter and looking forward to recommendations from the staff. The SEC has previously denied applications for a Bitcoin ETF, which would allow investors to gain exposure to Bitcoin without directly holding the asset. Gensler’s approach to crypto regulation has been criticized for lacking clarity and stifling innovation in the industry. This article provides an overview of Gensler’s remarks and the ongoing discussions surrounding the Bitcoin ETF.

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