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Home»EXCHANGE NEWS»Bitcoin ETFs are back on the scene as Gensler reconsiders his position.
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Bitcoin ETFs are back on the scene as Gensler reconsiders his position.

By Crypto FlexsDecember 17, 20232 Mins Read
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Bitcoin ETFs are back on the scene as Gensler reconsiders his position.
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Some court rulings that disagree with the agency have forced the Securities and Exchange Commission (SEC) to reconsider its view on spot Bitcoin ETF applications. For some time, the SEC, under Gary Gensler, has been refusing to consent to the application.

A representative example is that of Grayscale Investments. In August 2023, the U.S. Court of Appeals for the District of Columbia Circuit passed a ruling requiring the SEC to reconsider Grayscale Investments’ application regarding a spot Bitcoin ETF.

The decision followed Grayscale suing the SEC after the commission did not approve its motion to change the company’s landmark CBTC fund. The court emphasized that the SEC’s attitude toward spot Bitcoin ETFs diverges from their view of preferred future contracts.

In response, Gensler said in an interview conducted by CNBC that he had rejected many applications. But the District of Columbia Court insisted that the issue be reexamined. All of this could lead to changes in regulation of the cryptocurrency space.

Gensler also said there are ongoing factors related to non-compliance and illegal activity in the cryptocurrency space. He spoke of concerns about compliance with other relevant legal structures, such as securities and anti-money laundering systems. Congress observed this and the Treasury Department proposed better controls and tools to prevent illegal activities in the cryptocurrency space.

The SEC’s review of the Bitcoin ETF application field is seen as a landmark moment for cryptocurrency rules. This means that the institution respects judicial rulings. The need of the hour is to be aware of the regulatory hurdles associated with the ever-changing scenario of digital assets. This could lead to further adoption and integration of cryptocurrencies within the financial space and could revolutionize digital asset investing.

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