Wen BONK ETF? Gary Gensler Responds to Jim Cramer’s Call for BONK ETF – Blockonomi


TLDR

In
a
recent
interview
on
CNBC’s
“Mad
Money,”
host
Jim
Cramer
grilled
SEC
Chair
Gary
Gensler
on
the
possibility
of
introducing
exchange-traded
funds
(ETFs)
for
various
cryptocurrencies,
including
the
Solana-based
memecoin
BONK.
Cramer’s
line
of
questioning
was
based
on
the
premise
that
if
a
cryptocurrency
has
a
significant
trading
volume,
it
should
be
eligible
for
an
ETF.

Cramer
rattled
off
a
list
of
tokens,
such
as
Polkadot,
Cardano,
Cosmos,
Immutable,
Ronin,
Bonk,
Osmosis,
SushiSwap,
and
My
Neighbor
Alice,
all
of
which
he
claimed
had
traded
millions
of
dollars
on
the
morning
of
the
interview.

How To Get Free Crypto  

He
then
asked
Gensler
whether
there
should
be
ETFs
for
these
cryptocurrencies,
singling
out
BONK
and
Osmosis
as
potential
candidates.

Gensler’s
response
was,
as
usual,
less
than
enthusiastic.

The
SEC
Chair
sidestepped
the
question
and
instead
focused
on
the
broader
issues
plaguing
the
crypto
market.
Gensler
pointed
out
that
many
of
these
tokens
have
not
provided
investors
with
the
necessary
disclosures
required
by
law
to
make
informed
investment
decisions.

Gensler
expressed
concerns
about
the
practices
of
crypto
exchanges,
stating
that
they
engage
in
activities
that
would
never
be
allowed
on
traditional
stock
exchanges
like
the
New
York
Stock
Exchange.
He
emphasized
the
need
for
proper
regulation
to
protect
against
fraud
and
manipulation.

While
Gensler’s
response
may
seem
discouraging
for
those
genuinely
hoping
for
a
BONK
ETF,
it
does
suggest
that
with
adequate
regulation,
a
wider
range
of
cryptocurrency
ETFs
could
be
possible
in
the
future,
starting
with
ETH
next.

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However,
the
SEC
Chair’s
comments
make
it
clear
that
the
crypto
market
has
a
long
way
to
go
before
it
can
be
considered
on
par
with
traditional
financial
markets
in
terms
of
transparency
and
oversight.

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Author: Oliver Dale


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