SEC Chairman Gary Gensler’s statement that the Grayscale case victory provided a “new perspective” strengthened the claim that the SEC’s stance on Bitcoin ETFs may change
U.S. Securities and Exchange Commission Chairman Gensler appears to be showing signs of softening his stance on Bitcoin exchange-traded funds (ETFs) following the settlement of a recent lawsuit in favor of Grayscale.
In August, a judge overturned the SEC’s decision to reject an ETF offering through Grayscale Investments Bitcoin Trust.
“We are continuing to work on a dozen applications”
In an interview with CNBC on December 14, SEC Chairman Gary Gensler talked about the Spot Bitcoin ETF application, which is still in the decision stage. Gensler said the SEC is currently working on “eight to 12” applications.
Gensler said some of these requests have been rejected in the past, but recently the courts have focused on the issue, leading to comments that the attitude and approach towards ETFs has changed.
“Therefore, based on these court decisions, we are taking a fresh look at the issue.”
Leading asset managers such as BlackRock, Fidelity, Grayscale, Galaxy, VanEck and Valkyrie are joining the race to take part in the Bitcoin ETF. All filings are currently pending, but the SEC recently held back-to-back meetings with BlackRock and some companies. Some analysts expect mass approvals to occur in early January 2024.
