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SEC Chair Gensler Hints at Revised Stance on Bitcoin ETFs Amid Legal Developments

2023/12/17 00:17

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Possible Change in ETF Regulations Emerges

The chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, has hinted at a potential shift in the regulator's stance towards Bitcoin exchange-traded products (ETPs). This development follows a recent legal ruling that could impact the future of Bitcoin exchange-traded funds (ETFs).

In a recent interview, Gensler noted the SEC's ongoing evaluation of numerous applications for spot Bitcoin ETFs, mentioning that they are processing approximately eight to a dozen filings. This statement comes after the SEC's initial rejection of multiple such applications.

Gensler, while discussing these developments, alluded to a reconsideration of their approach, inspired by recent court decisions. He remarked, “So we’re taking a new look at this based upon those court rulings.”

A notable case in point is the SEC's previous decision to deny an ETF offering from Grayscale Investments linked to its Bitcoin trust, which a federal judge overturned in August.

Following this, several prominent asset management firms, including BlackRock, Fidelity, Grayscale, Invesco, Galaxy, VanEck, and Valkyrie, have joined the race to launch spot Bitcoin ETFs. Despite delays, some analysts anticipate potential approvals coming as early as January 2024.

In a parallel interview, Gensler shifted focus from Bitcoin products to highlight the recent issues in the U.S. treasury market as the SEC's current priority. This diversification of focus suggests a broader regulatory outlook.

The approach of Gensler and the SEC has drawn criticism. U.S. Representative Bryan Steil, in a tweet, expressed dissatisfaction with Gensler's handling of crypto-related inquiries, accusing him of evading clear answers and pushing crypto offshore through aggressive regulatory tactics.

Bloomberg ETF analyst James Seyffart also echoed this sentiment, noting Gensler's tendency to avoid direct answers.

While Gensler's remarks indicate a possible shift in regulatory attitude, the actual impact on the Bitcoin ETF landscape remains to be seen, casting a shadow of uncertainty over future developments in this sector.

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