Bitcoin Backers Not Happy Even as SEC Signals ETF Openness (1)

U.S. Securities and Exchange Commissioner Gary Gensler gave what may be the strongest sign of support yet from the agency for a Bitcoin exchange-traded fund. Crypto fans, though, are not exactly thrilled.

At the center of the issue is what an approved fund would track. Gensler, in his first major speech centered on cryptocurrencies, suggested an openness to an ETF focused exclusively on Bitcoin futures, which require that investors put down a substantial amount of money on margin to trade. That’d be different from a Bitcoin-backed fund, which is what most crypto enthusiasts have been hoping for.

“We see ...