Securities and Exchange Commission (SEC) Chairman Gary Gensler refused to talk about cryptocurrency after a meeting on the U.S. Treasury market.

Bloomberg reporter Kailey Leinz asked Gensler about the current status of various applications for spot Bitcoin (BTC) ETFs.

In response, Gensler dodged a question by pointing out that the U.S. Treasury market is worth $26 trillion and is the basis of all capital markets.

“Crypto securities are not only much smaller, it’s not how we fund our government. It’s not how we conduct monetary policy. And for many investors, they’ve been harmed in that market. And they’re being harmed because there’s too much non-compliance. It’s not just non-compliance with securities laws. It’s non-compliance with a raft of other laws.”

Gary Gensler, SEC Chairman

Gensler has offered virtually no comment on the application process for spot Bitcoin ETFs. Last month, he also avoided answering when asked about the ongoing process of Bitcoin ETF approval, saying he did not want to “pre-judge” the matter.

That being said, SEC officials have been meeting with some potential spot Bitcoin ETF issuers over the past few weeks, discussing the technical details of the proposed redemption processes.