Gensler Hints: The Long-Awaited Bitcoin Spot ETF is Closer Than Ever?
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The prospect of a Bitcoin spot exchange-traded fund (ETF) being approved in the US has tantalized crypto investors for years. Despite over a dozen applications, the SEC has repeatedly denied or delayed approvals thus far. However, recent comments from SEC chair Gary Gensler suggest the agency could soon change course. Keypoints SEC chair Gary Gensler hinted the agency is taking a “new look” at Bitcoin ETF applications after court rulings like the Grayscale case There are currently 8-12 Bitcoin spot ETF applications under review by the SEC Gensler avoided directly answering if the Grayscale ruling specifically is causing the SEC to rethink its stance The SEC aims to operate within laws set by Congress and interpreted by courts in its regulatory approach to crypto Gensler still believes the crypto industry is rife with risks and lacks compliance with securities laws Speaking to CNBC, Gensler revealed the SEC currently has 8-12 Bitcoin spot ETF filings under review. This comes after several high-profile court rulings against the SEC’s past denials of Bitcoin products. When asked if one such case involving Grayscale’s Bitcoin Trust was causing the SEC to rethink its stance, Gensler gave a suggestive but vague response: “We’re taking a new look at this based upon those court rulings.” Chair @GaryGensler obfuscates on crypto with the press like he does at committee hearings. He does not want to explain his agency’s aggressive regulatory approach which is pushing crypto offshore. https://t.co/YdQFN42jmK — Bryan Steil (@RepBryanSteil) December 13, 2023 While avoiding directly saying if the Grayscale outcome is impacting the SEC’s actions, Gensler reiterated that the agency aims to work within the laws set by Congress and interpreted by courts. The recent judgments seem to have forced the SEC’s hand to reconsider spot Bitcoin ETFs. Many analysts now expect that after years of…
Filed under: News - @ December 15, 2023 7:18 pm