SEC Chair Gary Gensler moves more cautiously than hoped for on bitcoin ETFs

Exchange-traded fund issuers, who had been hopeful that new Security and Exchange Commission Chair Gary Gensler would be more open to bitcoin ETFs than his predecessor, are now looking at delays as the SEC scrutinizes applications for prospective bitcoin (BTC-USD) ETFs."There are many challenges and gaps for investor protection in [crypto] markets," and, "none of the exchanges trading crypto tokens has registered yet as an exchange with the SEC," Gensler said during Congressional testimony last week.The SEC chair taught blockchain technology at Massachusetts Institute of technology prior to his position as SEC Chair and crypto fans were initially optimistic that Gensler might be more accepting of cryptocurrency. Since then, though, the SEC's division of investment management warned speculators about the risks and volatility associated with the crypto market.Gensler's comments signal to industry executives that the SEC aims to exercise more regulatory power over cryptocurrencies before it will approve a number