US Securities and Exchange Commission (SEC) Chairman Gary Gensler is reportedly planning to meet with a top South Korean financial regulator later this year to discuss cryptocurrency and the newly approved spot Bitcoin (BTC) exchange-traded funds (ETFs).
Lee Bok-hyun, head of South Korea’s Financial Supervisory Service (FSS), announced this week that he plans to travel to the US in the second quarter of the year to talk to Gensler about the impact of the crypto policy of the SEC on the world. This is evident from a report by The Korea Economic Daily.
Says Lee in a question-and-answer event with reporters:
“I [will meet] with SEC Chairman Gary Gensler (this year) and there are areas where we will focus on issues such as virtual asset issues and Bitcoin spot ETF. Now the impact of SEC policies on the world. This is important.”
On January 10, the SEC approved all 11 spot BTC ETFs that were pending. Applicants worked with the regulator for months to refine their proposals.
The SEC greenlighted the launch of the country’s first Bitcoin futures ETFs in October 2021, but had rejected all previous spot Bitcoin ETF applications until that landmark set of approvals was issued last month.
Exchange traded funds track the performance of a particular asset or group of assets and trade on the stock market. All approved spot Bitcoin ETFs require the issuer to directly hold BTC.
Bitcoin is trading at $42,744 at the time of writing. The highest-ranked crypto asset by market cap is up more than 87% over the past 12 months, but remains about 38% off its all-time high of over $69,000.
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