SEC Chair Gary Gensler Reconsidering Spot Bitcoin ETF Approval
After consistently denying approval for a spot Bitcoin ETF for American investors over the years, there are indications that SEC chair Gary Gensler might be reconsidering his position in light of recent court rulings. While he has not explicitly acknowledged any change in stance, he admitted taking a new look at the approval process of a spot Bitcoin ETF following the recent court rulings.
Softening Stance?
In an interview with CNBC’s “Money Movers,” Gensler stated that the SEC is currently reviewing eight to twelve filings for a spot Bitcoin ETF. He mentioned that the SEC had previously denied such applications but is now taking a new look based on the court rulings.
The District of Columbia Court of Appeals ruled that the SEC made an incorrect decision in denying approval for Grayscale’s proposed Bitcoin ETF. This ruling is significant for the industry, as it paves the way for progress and establishment of crypto investment products.
Gensler emphasized the SEC’s role in operating within the framework of laws established by Congress and interpreted by the courts. He also cautioned investors about noncompliance with securities laws and the need for disclosure and protection against fraud and manipulation.
Spot Bitcoin ETF Approvals Expected in Early 2024
Several major asset management firms, including BlackRock, Fidelity, Invesco, VanEck, and Valkyrie, are competing to introduce a spot Bitcoin ETF. Although there have been delays in the approval process, experts believe that approvals are likely to take place in early January 2024.
Grayscale Optimistic Following Conversations With SEC
Grayscale Investments CEO Michael Sonnenshein expressed positivity regarding discussions with the SEC about the possibility of a spot Bitcoin ETF. He stated that his firm has been actively engaged in conversations with the regulatory watchdog and believes that progress can be made in this area.
Hot Take: SEC Chair Gensler Reconsiders Spot Bitcoin ETF Approval
SEC Chair Gary Gensler’s recent statements indicate a potential change in his stance on spot Bitcoin ETFs. While he hasn’t explicitly confirmed it, he mentioned a new look at the approval process based on recent court rulings. This comes after the District of Columbia Court of Appeals ruled against the SEC’s denial of Grayscale’s proposed Bitcoin ETF. The industry sees this as a significant development and hopes for progress in establishing crypto investment products. Additionally, major asset management firms are competing to introduce spot Bitcoin ETFs, and experts predict approvals in early 2024. Grayscale is optimistic following discussions with the SEC, indicating a willingness to engage on the matter and make advancements.
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