美國(guó)證券交易委員會(huì)主席 Gary Gensler 在監(jiān)管機(jī)構(gòu)批準(zhǔn)現(xiàn)貨比特幣 ETF 後發(fā)表了這項(xiàng)聲明：
2024 年 1 月 10 日
今天，委員會(huì)批準(zhǔn)了一些現(xiàn)貨比特幣交易所交易產(chǎn)品（ETP）股票的上市和交易。
我經(jīng)常說(shuō)委員會(huì)在法律範(fàn)圍內(nèi)行事以及法院如何解釋法律。 從 2018 年主席 Jay Clayton 的領(lǐng)導(dǎo)到 2023 年 3 月，委員會(huì)否決了 20 多項(xiàng)現(xiàn)貨比特幣 ETP 的交易規(guī)則備案。 其中一份由 Grayscale 提交的文件考慮將 Grayscale 比特幣信託轉(zhuǎn)換為 ETP。
我們現(xiàn)在面臨一組新的申請(qǐng)，與我們過(guò)去拒絕批準(zhǔn)的申請(qǐng)類似。 然而，情況已經(jīng)改變了。 美國(guó)哥倫比亞特區(qū)上訴法院認(rèn)為，委員會(huì)未能充分解釋其不批準(zhǔn)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(fā)回委員會(huì)重審。 基於這些情況以及批準(zhǔn)令中更充分討論的情況，我認(rèn)為最可持續(xù)的前進(jìn)道路是批準(zhǔn)這些現(xiàn)貨比特幣 ETP 股票的上市和交易。
委員會(huì)根據(jù)國(guó)家證券交易所提交的任何規(guī)則是否符合《交易法》及其規(guī)定進(jìn)行評(píng)估，包括是否旨在保護(hù)投資者和公共利益。 委員會(huì)是中立的，不會(huì)對(duì)特定公司、投資或 ETP 基礎(chǔ)資產(chǎn)發(fā)表意見。 如果證券發(fā)行人和上市交易所遵守《證券法》、《交易法》和委員會(huì)的規(guī)則，則必須向該發(fā)行人提供與其他人相同的進(jìn)入我們受監(jiān)管市場(chǎng)的機(jī)會(huì)。
重要的是，今天的委員會(huì)行動(dòng)僅限於持有一種非證券商品比特幣的 ETP。 它絕不應(yīng)該表明委員會(huì)願(yuàn)意批準(zhǔn)加密資產(chǎn)證券的上市標(biāo)準(zhǔn)。 該批準(zhǔn)也沒(méi)有表明委員會(huì)對(duì)聯(lián)邦證券法規(guī)定的其他加密資產(chǎn)的地位或某些加密資產(chǎn)市場(chǎng)參與者不遵守聯(lián)邦證券法的現(xiàn)狀的看法。 正如我過(guò)去所說(shuō)，在不預(yù)先判斷任何一種加密資產(chǎn)的情況下，絕大多數(shù)加密資產(chǎn)都是投資合約，因此受到聯(lián)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.
