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Home»EXCHANGE NEWS»Gensler Hint: Is the long-awaited Bitcoin spot ETF closer than ever?
EXCHANGE NEWS

Gensler Hint: Is the long-awaited Bitcoin spot ETF closer than ever?

By Crypto FlexsDecember 17, 20233 Mins Read
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Gensler Hint: Is the long-awaited Bitcoin spot ETF closer than ever?
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The prospect of a Bitcoin spot exchange-traded fund (ETF) being approved in the U.S. has tantalized cryptocurrency investors for years. Despite more than a dozen applications, the SEC has repeatedly denied or delayed approval so far. But recent comments from SEC Chairman Gary Gensler suggest the agency may soon change course.


key point

  • SEC Chairman Gary Gensler hinted that the agency is taking a “new look” at Bitcoin ETF applications following court rulings like the Grayscale case.
  • There are currently 8 to 12 Bitcoin spot ETF applications under review by the SEC.
  • Gensler declined to answer directly whether the Grayscale ruling would cause the SEC to reconsider its position.
  • The SEC aims to operate in accordance with the laws set forth by Congress and as interpreted by the courts for a regulatory approach to cryptocurrencies.
  • Gensler still believes the cryptocurrency industry is full of risk and not compliant with securities laws.

Gensler told CNBC that the SEC is currently reviewing eight to 12 Bitcoin spot ETF filings. This comes after several court rulings challenging the SEC’s past rejection of Bitcoin products.

When asked whether the events involving Grayscale’s Bitcoin Trust would cause the SEC to reconsider its position, Gensler gave a suggestive but vague answer. “We are taking a fresh look at this issue based on the court ruling.”

chair @GaryGensler Obfuscate the media about cryptocurrencies, such as during committee hearings. He doesn’t want to explain his agency’s aggressive regulatory approach to pushing cryptocurrencies overseas. https://t.co/YdQFN42jmK

— Brian Steil (@RepBryanSteil) December 13, 2023

Avoiding directly saying whether the Grayscale findings will affect the SEC’s actions, Gensler reiterated that the agency aims to work within the laws set by Congress and interpreted by the courts.

A recent ruling appears to have prompted the SEC to reconsider spot Bitcoin ETFs. Now, many analysts expect that after years of waiting, the SEC could finally give approval to some applications as early as 2023.

Major financial giants such as BlackRock, Fidelity, and Galaxy Digital all supported it. Another major contender is Grayscale, which won a court case against the SEC and reapplied for ETF conversion. Now, with heavyweight backers entering the fray, confidence is growing that the SEC will approve certain spot Bitcoin ETF entries from reputable providers.

But SEC Chairman Gensler warned that there are still many risks in the “crypto wild west.” He argues that more regulation is needed to protect investors and ensure compliance by cryptocurrency companies. This view is consistent with the increasing number of SEC investigations and lawsuits targeting major industry players for alleged violations of securities laws.

While optimism builds, it remains to be seen whether the SEC is finally ready to end its blockade on Bitcoin spot ETFs. But with more than a dozen applicants waiting and legal pressure mounting, Gensler’s latest hints suggest that the long wait may soon pay off for Bitcoin believers.

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