Gary Gensler Says SEC Is Taking A ''New Look'' At Spot Bitcoin ETFs After Court Rulings

Gary Gensler Says SEC Is Taking A ”New Look” At Spot Bitcoin ETFs After Court Rulings

Updated: 15 December 2023

Disclosure

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

US Securities and Exchange Commission (SEC) chair Gary Gensler said court rulings have prompted his agency to take a ”new look” at applications for spot Bitcoin ETFs (exchange-traded funds).

The comment, made in a Dec. 14 interview with CNBC, hints at a potential shift in the SEC’s previously hard line position on applications to launch such investment vehicles, which it has rejected multiple times.

The possible shift comes amid broad market expectations that the regulator will give the go ahead for such investment products in early January.

“We had in the past denied a number of these applications, but the courts here in the District of Columbia weighed in on that,” Gensler told CNBC. “So we’re taking a new look at this based upon those court rulings.”

Concerns relating to market manipulation, investor protection and regulatory compliance had historically led to the SEC rejecting spot Bitcoin ETF applications.

NEW – 🇺🇸 SEC Chair Gary Gensler on spot #Bitcoin ETFs: "We had in the past denied a number of these applications, but the courts here in DC weighed in on that."

"So we’re taking a new look at this based upon those court rulings." 👀 pic.twitter.com/pKnCCfet8r

— Bitcoin Magazine (@BitcoinMagazine) December 14, 2023

Fund Managers Queuing Up To Launch Spot Bitcoin ETFs

There are about a dozen spot Bitcoin ETF applications being reviewed by the regulator. Bloomberg ETF analyst James Seyffart says the next window for potential approvals is between Jan. 5 and Jan. 10.

Window is officially Jan 5th to Jan 10th. Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10. Mark your calendars people. https://t.co/8ob8Y6pgU5

— James Seyffart (@JSeyff) December 1, 2023

Grayscale Investments made headlines earlier in the year after winning its longstanding case against the SEC, when a judge ruled that the regulator’s decision to deny the firm’s request to convert its Grayscale Bitcoin Trust (GBTC) into an ETF was “arbitrary and capricious.”

Grayscale is among about a dozen institutions in the race to launch spot BTC ETFs, among them fund management giants including BlackRock and Fidelity.

Smog (SMOG) - Meme Coin With Rewards

Rating