SEC Chair Gensler Discusses Reevaluating Bitcoin ETF Decisions
The Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, recently spoke about the SEC’s changing approach to spot Bitcoin exchange-traded fund (ETF) applications. He acknowledged that recent court rulings have influenced their stance on Bitcoin ETFs.
In an interview with CNBC, Gensler explained that they are now reevaluating their previous denials of these applications based on the court rulings. He mentioned that there are currently around eight to twelve filings going through the process.
When asked about objections to the court rulings, Gensler stated that the SEC operates within the laws passed by Congress and how the courts interpret them. However, he also highlighted the noncompliance issues within the crypto field.
SEC Meets With Bitcoin ETF Issuers, Postpones Applications
Over the past few weeks, the SEC has been meeting with major spot Bitcoin ETF issuers like BlackRock, Fidelity, Grayscale, and Franklin. These frequent conversations have raised hopes for potential approval in the near future.
In the meantime, the SEC has once again postponed its decision on spot Ethereum ETF applications filed by Invesco and Galaxy Digital. Analysts suggest that simultaneous approvals for multiple applications may be considered to ensure fair competition among applicants.
Bitcoin and Crypto to Thrive Despite Bitcoin ETF Rejection: Matrixport
A recent report by Matrixport, a crypto financial services platform, suggests that even if the SEC disapproves Bitcoin ETFs, Bitcoin and the overall crypto market will still thrive in 2024.
The report advises crypto investors to monitor the Bitcoin dominance chart as a declining indicator could signal an upcoming Altcoin rally. Additionally, it speculates that the potential return of former U.S. President Donald Trump in the 2024 election could benefit the crypto market and boost prices.
Hot Take: SEC’s Reevaluation of Bitcoin ETF Decisions
The U.S. SEC Chair, Gary Gensler, has revealed that the SEC is reevaluating its stance on spot Bitcoin exchange-traded funds (ETFs) based on recent court rulings. This shift in approach could potentially lead to the approval of Bitcoin ETF applications that were previously denied by the SEC. The SEC has been engaging with major ETF issuers and postponing decisions on Ethereum ETF applications. Despite the uncertainty surrounding Bitcoin ETFs, a report by Matrixport suggests that Bitcoin and the crypto market will continue to thrive in 2024. The potential return of former President Donald Trump in the 2024 election is seen as a possible catalyst for further growth in the crypto market.
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