Gensler of the SEC is Open to Bitcoin ETFs
Gary Gensler, Chairman of the SEC, spoke about Bitcoin spot ETFs in an interview with CNBC. He mentioned that the SEC is reviewing the issue based on court rulings. While he didn’t provide further details on specific cases or companies, he emphasized that they are evaluating between eight and twelve applications for Bitcoin Spot ETF issuance. Gensler also expressed concerns about fraud and non-compliance in the crypto sector, particularly among crypto exchanges. He stated that these intermediaries engage in activities that are not allowed in any other place in the US financial system.
Gensler of the SEC: Questions about Bitcoin ETF
In addition to the ongoing review of Bitcoin spot ETFs, there have been recent developments in the ETF space. Valkyrie has filed an updated application with the SEC, indicating that clear signals are being given by the regulatory agency. The SEC has also reportedly met with issuers such as Grayscale, Fidelity, and BlackRock. This suggests a sense of urgency in making decisions on various applications to ensure fairness among issuers. Meanwhile, Bloomberg predicts a rosy future for Bitcoin, with expectations that it will surpass $500,000 as part of a new cryptocurrency supercycle.
Bloomberg’s BTC Price Forecasts
According to Bloomberg, BTC’s current price of $42,580 is just the beginning of a new supercycle that will propel its value beyond $500,000. This optimism is driven by investor euphoria and factors like the upcoming Bitcoin halving in April 2024 and the potential approval of Bitcoin spot ETFs. These forecasts indicate a positive outlook for Bitcoin’s future.
Hot Take: Gensler’s Openness Signals Potential for Bitcoin ETF Approval
Gary Gensler’s remarks about reviewing Bitcoin spot ETFs based on court rulings indicate a potential shift in the SEC’s stance on these investment products. While he expressed concerns about fraud and non-compliance in the crypto sector, his openness to reconsidering ETF applications suggests a willingness to adapt regulatory frameworks. This could pave the way for the approval of Bitcoin ETFs, which would provide investors with more accessible avenues for exposure to cryptocurrencies. The ongoing discussions and meetings between the SEC and various issuers further highlight the urgency and importance of addressing these applications in a fair and timely manner.
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