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Home»BITCOIN NEWS»SEC Chairman Gary Gensler told CNBC the commission is taking the following actions: "new look" Spot Bitcoin ​​ETF
BITCOIN NEWS

SEC Chairman Gary Gensler told CNBC the commission is taking the following actions: "new look" Spot Bitcoin ​​ETF

By Crypto FlexsDecember 14, 20232 Mins Read
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SEC Chairman Gary Gensler told CNBC the commission is taking the following actions: "new look" Spot Bitcoin ​​ETF
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Current U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler hinted in an interview with CNBC that there could be a potential change in the SEC’s view on spot Bitcoin exchange-traded fund (ETF) applications. .

In a CNBC interview, Gensler said the SEC is actively reexamining its approach to discovering Bitcoin ETF applications. “As you know, we have denied many of these applications in the past, but the District of Columbia Court weighed in on them,” Gensler said. “So we are taking a fresh look at this issue based on the court ruling.”

Spot Bitcoin ETFs differ from futures-based ETFs in that they give investors direct exposure to Bitcoin without relying on futures contracts. This distinction could potentially make BTC more accessible to traditional investors seeking exposure.

The SEC has historically maintained a negative approach toward approving spot Bitcoin ETFs due to concerns related to market manipulation, investor protection, and regulatory compliance. Gensler’s acknowledgment of the SEC’s reassessment signals a willingness to explore and potentially accommodate the approval of a spot Bitcoin ETF, signaling a possible shift in the regulatory environment.

However, specific details regarding a potential timeline or criteria for approval of a spot Bitcoin ETF have not yet been disclosed as the SEC continues its thorough review process. Bloomberg ETF analyst James Seyffart noted in early December that the next window for potential ETF approvals is January 5-10, 2024.

“In practice, this means that a potential approval order will come out on Monday, January 8, Tuesday, January 9, or Wednesday, January 10,” Seyffart added. “Mark people on your calendar.”

As the SEC reevaluates its position, the Bitcoin industry eagerly awaits further developments regarding the potential approval of a spot Bitcoin ETF. This could have a major impact on the widespread adoption and acceptance of BTC among institutional and retail investors.

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