US SEC Considering Spot Bitcoin ETFs Based on Recent Court Rulings: Gary Gensler
The U.S. Securities and Exchange Commission (SEC) is reevaluating spot Bitcoin exchange-traded funds (ETFs) following recent court decisions, according to SEC Chairman Gary Gensler. In an interview with CNBC, Gensler mentioned that the SEC is reviewing several pending BTC ETF applications in light of these rulings. He noted that the SEC had previously denied numerous applications but is now taking a fresh look at them based on court decisions.
One of the cases likely influencing this reevaluation is Grayscale’s legal victory earlier this year. A federal judge ruled that the SEC must reconsider Grayscale’s application to launch an ETF from its Bitcoin Trust to avoid inconsistency and arbitrariness. The regulator does not intend to appeal this decision.
However, Gensler also urged caution for investors interested in the crypto space. He highlighted the prevalence of noncompliance with securities laws in the industry, emphasizing the need for investor protection against fraud and manipulation.
Hot Take: SEC Reevaluates Spot Bitcoin ETFs Amidst Court Rulings
The U.S. Securities and Exchange Commission (SEC) is revisiting spot Bitcoin exchange-traded funds (ETFs) due to recent court rulings. SEC Chairman Gary Gensler stated that the commission is reassessing BTC ETF applications following previous denials and in light of court decisions. This reevaluation comes after Grayscale’s legal victory, where a federal judge ordered the SEC to reconsider Grayscale’s ETF application from its Bitcoin Trust. While cautioning investors about noncompliance and fraudulent practices in the crypto field, Gensler’s remarks indicate a potential shift in the SEC’s stance towards BTC ETFs.
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