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Gensler: SEC re_uating spot Bitcoin ETF with fresh perspective
U.S. Securities and Exchange Commission Chair Gary Gensler indicated a possible change in the agency’s approach towards Bitcoin ETFs.
During a CNBC interview, Gensler revealed that the U.S. Securities and Exchange Commission (SEC) is reconsidering “between eight and a dozen filings” for spot Bitcoin ETFs, a move influenced by recent court decisions in the District of Columbia.
Historically, the SEC has hesitated to approve such proposals, citing ious concerns. However, Gensler hinted at a shift, attributing it to judicial input. While he avoided directly referencing the Grayscale case, the context suggests a connection. Earlier this year, Grayscale won a legal battle against the SEC, leading to a reassessment of its application to convert its Bitcoin trust into an ETF. This decision was not appealed by the SEC.
Grayscale’s progress, alongside others rooting for ETF approval, has stirred optimism in the market. Bloomberg analysts James Seyffart and Eric Balchunas noted ongoing discussions between the SEC and Grayscale, indicating a collaborative effort toward regulatory compliance.
The race for a Bitcoin ETF has attracted diverse players, including major asset managers like BlackRock. With the SEC set to decide on ARK and 21Shares’ proposal by Jan. 10, anticipation is high. Bloomberg analysts estimate a 90% chance of approval, though skeptics like former SEC staffer John Reed Stark deem such optimism “absurd.”