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SEC Chair Gary Gensler Will Meet With Korean Regulator To Discuss Global Impact of Bitcoin ETF: Report

February 06, 2024

U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler reportedly plans to meet with a top South Korean financial regulator later this year to discuss crypto 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 SEC’s crypto policies on the world, according to a report from 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 policy on the world. This is important.”

On January 10th, the SEC approved all 11 spot BTC ETFs that were under consideration. Applicants worked with the regulator for months to refine their proposals.

The SEC greenlit the launch of the country’s first Bitcoin futures ETFs in October 2021 but had denied all previous spot Bitcoin ETF applications until issuing that groundbreaking batch of approvals last month.

Exchange-traded funds track the performance of a particular asset or group of assets and are traded on the stock market. All of the approved spot Bitcoin ETFs require the issuers to directly hold BTC.

Bitcoin is trading at $42,744 at time of writing. The top-ranked crypto asset by market cap is up more than 87% in the past 12 months but remains around 38% down from its all-time high of more than $69,000.

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