SEC Chair Hints at Rethinking Bitcoin ETFs
The U.S. Securities and Exchange Commission (SEC) chair, Gary Gensler, has suggested that the regulator is reconsidering its approach to spot Bitcoin exchange-traded products in light of a recent court decision involving Grayscale.
Pending Bitcoin ETF Applications
Gensler revealed during an interview with CNBC that the SEC currently has “between eight and a dozen filings” for spot Bitcoin ETFs in progress. He acknowledged that the agency had previously denied some of these applications but hinted at a potential change in stance following court rulings:
“So we’re taking a new look at this based upon those court rulings.”
Avoiding Specific References
When asked if he was referring to Grayscale, Gensler avoided giving a direct answer and emphasized that the SEC operates within the boundaries set by Congress and interpreted by the courts.
Competition Among Asset Managers
BlackRock, Fidelity, Grayscale, Invesco, VanEck, and Valkyrie are among the asset managers vying to launch spot Bitcoin ETFs. Although all applications have faced delays, analysts anticipate batch approval in early January.
Gensler’s Focus on Treasury Market
In another interview with Bloomberg, Gensler shifted the conversation away from Bitcoin ETF filings and instead discussed recent changes in the U.S. treasury market as a priority for the SEC.
Congressman’s Criticism
U.S. Congressman Bryan Steil criticized Gensler’s evasiveness on crypto-related matters, accusing him of promoting an aggressive regulatory approach that pushes crypto activities offshore.
Bloomberg Analyst’s Opinion
Bloomberg ETF analyst James Seyffart commented on Gensler’s ambiguous responses, stating that he rarely provides clear answers and is skilled at hedging his words.
Hot Take: SEC Reconsidering Bitcoin ETFs
SEC Chair Gary Gensler’s recent comments indicate that the regulator is reevaluating its approach to spot Bitcoin exchange-traded products. While pending applications for Bitcoin ETFs have faced previous denials, court rulings have prompted the SEC to take a fresh look at the matter. Asset managers like BlackRock and Grayscale are eagerly awaiting approval, with analysts predicting a batch approval in early January. However, critics argue that Gensler’s ambiguity and regulatory aggressiveness may push crypto activities offshore. As the SEC focuses on changes in the treasury market, the future of Bitcoin ETFs remains uncertain.
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