SEC Chair Gary Gensler has issued a public statement following the approval of several Spot Bitcoin ETP applications. He emphasized that all decisions were made within legal boundaries and based on court interpretations. While they've approved applications and are processing more simultaneously, they don't endorse or approve trading of risky products. Gensler's announcement extends eligibility for Spot Bitcoin ETP investors' protection, ensuring access to full disclosures, trading on registered NSEs exclusively, and ensuring a level playing field.

Regarding disclosures, sponsors of Bitcoin ETPs are now required to provide truthful and fair disclosures about their products. These disclosures don't include endorsement of ETP arrangements like custody. Spot Bitcoin ETPs will be listed only on legally registered national securities exchanges to prevent market manipulation. The SEC will oversee to protect investors from adverse consequences of illicit activities, including fraud and market manipulation. They also reserve the right to investigate and supervise social media campaigns.

Furthermore, the Commission Staff is reviewing and approving ten more Spot Bitcoin ETPs to ensure a level playing field, promote competition, and benefit investors and the market. The SEC has reiterated that Spot Bitcoin ETFs are speculative and highly volatile, often associated with illicit activities like money laundering and terrorist financing.

Dennis Kelleher, CEO of Better Markets, raised concerns about potential facilitation of illicit activities like money laundering with application endorsements. He suggested rejecting all applications to safeguard investors' funds. Despite concerns, the approval of applications has brought excitement to the community, with BTC and ETH values rising. BTC is above $46k, and ETH is over $2,600, showing a 1.15% and 7.95% rise in the last 24 hours, respectively.