After the Grayscale court win, the SEC chair might be softening his position on Bitcoin exchange-traded funds. However, if this is the case, he has not acknowledged it wholly.
SEC Reconsiders Bitcoin ETFs Following Grayscale Decision
Gary Gensler, chair of the U.S. Securities and Exchange Commission (SEC), has implied the regulator has been reconsidering its spot Bitcoin exchange-traded product approach after the latest decision by Grayscale court.
On December 14, he spoke to a business news channel where he was asked about the lengthy list of pending spot Bitcoin exchange-traded fund (ETF) applications. He replied that ‘between 8 and 12 filings’ are currently undergoing the process.
Gensler claimed that they had rejected several applications in the past and added that the courts had considered that. What came after was a statement indicating that the SEC could be altering its approach to Bitcoin. Based on the court verdicts, the regulator revealed its intention to consider a new look.
Sara Eisen, a news anchor, asked Gensler if he was talking about Grayscale. Nevertheless, he avoided the question, claiming that all the SEC’s activities are done ‘within the guidelines passed by Congress and how the court expounds them.’ In August, a decision by the regulator to reject an ETF from Grayscale Investments via its Bitcoin trust was reversed by a federal judge.
Gensler Elusive on Pending Crypto ETF Applications
A number of prominent asset managers, for instance, Fidelity, BlackRock, VanEck and Valkyrie, Grayscale, Invesco and Galaxy, are currently seeking to unveil a spot Bitcoin exchange-traded fund. Despite delayed applications, some experts are certain that a batch consent will happen early next year.
In another December 14 interview with Kailey Leinz, Gensler avoided questions concerning the number of filings for spot Bitcoin products. Instead, he focused on the latest alterations to the United States treasury market. On X (formerly Twitter), U.S. Representative Bryan Steil responded to Gensler’s interview.
Gensler said the chair complicates crypto matters with the press in a manner similar to what he does during committee hearings. Further, he noted that Gensler was unwilling to explain the SEC’s aggressive regulatory strategy propelling crypto offshore.
James Seyffart, an analyst, claimed that Gensler hardly provides vivid answers and is excellent at hedging his words.
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