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U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler said the court rulings have led his agency to take a “new look” at bitcoin ETF (exchange-traded fund) filings. counted.
The comment, made in a Dec. 14 interview with CNBC, hints at a possible shift in the SEC's previously tough stance on applications to launch such investment vehicles, which it has rejected several times.
The possible change comes amid broad market expectations that the regulator will give the go-ahead for such investment products in early January.
“We had rejected several of these requests in the past, but the courts here in the District of Columbia intervened,” Gensler told CNBC. “So we're taking a fresh look at this based on those court rulings.”
Concerns related to market manipulation, investor protection, and regulatory compliance had historically led the SEC to reject spot bitcoin. ETFs Applications.
NEW – SEC Chairman Gary Gensler on site bitcoin?src=hash&ref_src=twsrc%5Etfw”>#bitcoin ETF: “We had rejected several of these requests in the past, but the courts here in DC intervened on this.”
“So we're taking a fresh look at this based on those court rulings.” pic.twitter.com/pKnCCfet8r
– bitcoin Magazine (@BitcoinMagazine) December 14, 2023
Fund Managers Queue to Launch Spot bitcoin ETFs
The regulator is reviewing around a dozen one-off bitcoin ETF applications. Bloomberg ETF analyst James Seyffart says the next window for potential approvals is between January 5-10.
The window is officially January 5-10. In reality, this means that any potential approval order will arrive on Monday, January 8, Tuesday, January 9, or Wednesday, January 10. Mark your calendars, people. https://t.co/8ob8Y6pgU5
-James Seyffart (@JSeyff) December 1, 2023
Grayscale Investments made headlines earlier this year after winning its long-running case against the SEC, when a judge ruled that the regulator's decision to deny the company's request to convert its Grayscale bitcoin Trust (GBTC) into an ETF was ” arbitrary and capricious.”
Grayscale is among a dozen institutions in the race to launch btc spot ETFs, including fund management giants including BlackRock and Fidelity.
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