Gary Gensler acknowledges SEC’s ‘new look’ at Bitcoin ETFs post-Grayscale decision

Gary Gensler, seat of the U.S. Securities and Exchange Commission (SEC), commented connected pending spot Bitcoin ETF applications connected Dec. 14.

When asked by CNBC anchor Sara Eisen astir the likelihood of these applications being approved, Gensler responded:

“We person … betwixt 8 and a twelve [spot Bitcoin ETF] filings … And arsenic you mightiness know, we had successful the past denied a fig of these applications, but the courts present successful the District of Columbia weighed successful connected that. And truthful we’re taking a caller look astatine this based upon those tribunal rulings.”

Eisen noted that the ruling successful question acrophobic Grayscale Investments, which, earlier successful 2023, won the close to person the SEC reappraisal an exertion done which it intends to person its GBTC money to a spot Bitcoin ETF.

Eisen added that galore marketplace participants spot the Grayscale ruling arsenic indicating that a spot Bitcoin ETF “might yet happen.” Gensler, however, declined to remark connected the likelihood of specified an approval, stating contiguous that helium is “not to prejudge anything” arsenic seat of the SEC.

In summation to the Grayscale ruling described above, caller meetings betwixt the SEC and several ETF applicants, positive filing amendments from applicants during remark periods, person produced wide optimism. Bloomberg ETF analysts Eric Balchunas and James Seyffart estimation that determination is simply a 90% accidental that the SEC volition o.k. a spot Bitcoin ETF by Jan. 10, 2024.

Gensler warns of noncompliance

Additionally, Gensler emphasized a precocious grade of noncompliance successful the crypto industry, highlighting issues that person been a large interest for regulatory bodies worldwide. He asserted that determination is “far excessively overmuch fraud and atrocious actors successful the crypto field,” noting that this includes non-compliance with securities laws, arsenic good arsenic non-compliance successful different areas specified arsenic wealth laundering and nationalist protection.

Gensler noted that his bureau has settled oregon litigated betwixt 150 and 175 cases involving cryptocurrency. Gensler explained the scope of the impact, stating:

“This is simply a tiny portion of our U.S. Capital markets. But it tin undermine assurance erstwhile truthful galore radical person been wounded … This is thing that pervades a batch of this tract globally. And it’s hard for the bully religion actors adjacent to vie due to the fact that determination [are] truthful galore challenges elsewhere.”

Gensler made akin comments to Bloomberg connected Dec. 13. At that clip helium downplayed the value of the crypto marketplace amidst introducing caller regulations for the larger U.S. Treasuries marketplace connected the aforesaid day.

The station Gary Gensler acknowledges SEC’s ‘new look’ astatine Bitcoin ETFs post-Grayscale decision appeared archetypal connected CryptoSlate.