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Ahead of an anticipated decision by the U.S. Securities and Exchange Commission (SEC) on the approval of spot bitcoin exchange-traded funds (ETFs), Chair Gary Gensler has once again issued a cautionary statement to potential crypto investors.

Taking to X on Tuesday, Gensler advised investors considering crypto assets to exercise caution. “Crypto asset securities may be marketed as new opportunities but there are serious risks involved,” he warned, also sharing a link to a post by the SEC’s Office of Investor Education and Advocacy titled “Thinking about buying the latest new cryptocurrency or token,” which featured an image of bitcoin.

Lori Schock, director of the SEC’s Office of Investor Education and Advocacy, echoed Gensler’s sentiment in the post, noting the frequent inquiries she receives about investing in bitcoin.

This latest warning marks Gensler’s second advisory message this week. On Monday, he posted some investment tips for those interested in the crypto space, emphasizing the high risk and volatility of crypto assets. He reminded his followers that major platforms and cryptocurrencies have faced insolvency or devaluation, underlining the significant risks involved.

Gensler’s recent posts, though not directly mentioning spot bitcoin ETFs, are particularly timely as various asset firms eagerly await the SEC’s decision, which could potentially allow the trading of their spot bitcoin ETFs as early as Thursday.