Overview of Interview with Gary Gensler
During the recent interview on CNBC, Gary Gensler provided insights into the status of spot Bitcoin exchange-traded fund (ETF) applications. The SEC is currently reviewing between eight to twelve applications. Gensler emphasized the impartiality of the review process and refrained from making assumptions before the applications undergo examination. Recent court rulings in the District of Columbia prompted the commission to reexamine the applications.
Gensler’s Concerns
Gensler expressed concerns about compliance within the cryptocurrency sphere, pointing out issues related to securities laws, anti-money laundering regulations, and the need for protection against illicit activities. He criticized the commingling practices observed in crypto exchanges and acknowledged the challenges faced by legitimate actors operating in the crypto space due to pervasive issues.
Update on Bitcoin ETF Applications
Charles Adkins, former Head at APTOS and presently the President at Hedera, anticipates the simultaneous regulatory approval of multiple Bitcoin ETFs. Moreover, First Trust Portfolios, L.P. has recently filed for Bitcoin Buffer ETFs under Form N1-A with the US Securities and Exchange Commission, leveraging the most recent regulatory changes. The potential approval of spot Bitcoin ETFs appears to be on the horizon, pending thorough review and considerations by the SEC in early 2024.
Hot Take
As the SEC reviews multiple applications for spot Bitcoin ETFs, the potential approval of these ETFs is anticipated in 2024 with a focus on regulatory compliance and protection against illicit activities. The market awaits the outcomes of this thorough review and considerations by the SEC.
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