SEC Chair Considers Change in Approach to Bitcoin ETFs
U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler has indicated a possible shift in the agency’s stance on Bitcoin exchange-traded funds (ETFs). In an interview with CNBC, Gensler revealed that the SEC is reviewing “between eight and a dozen filings” for spot Bitcoin ETFs, influenced by recent court decisions. While Gensler did not directly mention the Grayscale case, it is suggested that it has played a role in this reconsideration. Grayscale’s legal victory against the SEC earlier this year has led to a reevaluation of its Bitcoin trust application to become an ETF.
Optimism and Collaborative Efforts
The progress made by Grayscale and other entities seeking ETF approval has generated optimism in the market. Analysts from Bloomberg have reported ongoing discussions between the SEC and Grayscale, indicating a collaborative effort towards regulatory compliance. Major asset managers like BlackRock have also joined the race for a Bitcoin ETF. The SEC is expected to make a decision on proposals from ARK and 21Shares by January 10th. Bloomberg analysts estimate a 90% chance of approval, although some skeptics, like former SEC staffer John Reed Stark, find this level of optimism “absurd.”
Hot Take: A Potential Shift in the SEC’s Approach to Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) is considering a change in its approach towards approving Bitcoin exchange-traded funds (ETFs). SEC Chair Gary Gensler revealed in an interview that the agency is reviewing several filings for spot Bitcoin ETFs following recent court decisions. This reassessment is believed to be influenced by Grayscale’s legal victory against the SEC earlier this year. The progress made by Grayscale and ongoing discussions between the SEC and the company have sparked optimism in the market. However, while Bloomberg analysts estimate a high chance of approval for certain proposals, skeptics remain cautious. The SEC’s decision on ARK and 21Shares’ proposals is expected by January 10th.
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