Securities and Exchange Commission chairman Gary Gensler reiterated support for bitcoin futures exchange-traded funds (EFTs) at an industry conference this week, echoing similar comments he made in August.

Why should we care?
Gensler expressed support for a class of bitcoin ETFs that would invest in futures contracts instead of bitcoin itself. “We’ve started to see filings under the Investment Company Act with regard to ETFs seeking to invest in CME-traded bitcoin futures. When combined with the other federal securities laws, the ’40 Act provides significant investor protections for mutual funds and ETFs. I look forward to staff’s review of such filings,” Gensler said at the Financial Times' Future of Asset Management North America Conference this week. The regulator is reviewing more than a dozen ETF filings for bitcoin and bitcoin futures products, though none have been approved. Despite the enthusiasm around bitcoin futures ETFs, it’s unclear whether the approval of pure bitcoin ETFs is in the cards. “I think [Gensler’s] comments are pretty clear that a pure spot bitcoin ETF isn’t coming soon and that futures products would potentially be considered,” Steven McClurg, chief investment officer for Valkyrie, which filed an application with the SEC for a bitcoin ETF, said in August.