SEC is taking ‘new look’ at spot bitcoin ETF applications

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler hinted that the regulator has updated its approach to Bitcoin (BTC) ETFs.

In an interview with CNBC, Gensler was asked about considering applications for spot Bitcoin ETFs. In response, the head of the regulator noted that the SEC is now considering “from eight to a dozen applications.”

According to Gensler, the SEC has rejected several applications in the past, however, the regulator now appears to be changing course.

“We’re taking a new look at this based upon those court rulings.”

Gary Gensler, SEC Chairman

News anchor Sarah Eisen asked if he was referring to the Grayscale case, with Gensler sidestepping the question saying that everything at the SEC is done “within the confines of the laws passed by Congress and how the courts interpret them.”

While Gensler does not comment on the consideration of applications for spot Bitcoin ETFs, he instead avoided a direct answer to the question about progress for the highly anticipated move.

However, the crypto community and experts expect that the first decisions on applications for spot Bitcoin ETFs could be made as early as January 2024. Several large asset managers are currently awaiting fund approval, including BlackRock, Fidelity, Grayscale, Invesco, VanEck, and Valkyrie.

The optimistic mood of the community is also supported by a series of meetings between the SEC and representatives of the companies with applications in, with at least three meetings having taken place in recent weeks.