SEC Chair Gensler Reveals Regulator Is ‘Taking a New Look’ at Spot Bitcoin ETF Filings

U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has revealed that the regulator is taking a caller look astatine spot bitcoin exchange-traded money (ETF) applications based connected caller tribunal rulings. “We had successful the past denied a fig of these applications, but the courts present successful the District of Columbia weighed successful connected that,” Gensler explained.

Gensler: ‘We’re Taking a New Look’

The president of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, answered immoderate questions regarding spot bitcoin exchange-traded money (ETF) applications successful an interrogation with CNBC connected Thursday.

“We have, I think, betwixt 8 and a twelve filings … that’s going done the process close now,” Gensler explained, emphasizing that arsenic the president of the SEC, he’s not going to prejudge immoderate peculiar filing. According to nationalist records, determination are presently 13 spot bitcoin ETF applications pending astatine the SEC.

“As 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,” the SEC president noted, adding:

So we’re taking a caller look astatine this based upon those tribunal rulings.

Gensler’s comments stemmed from a legal dispute involving the SEC’s denial of Grayscale Investments’ exertion to person its bitcoin spot (GBTC) into a spot bitcoin ETF. The tribunal subsequently ordered the SEC to reevaluate the crypto plus manager’s application.

Commenting connected whether the SEC has objection to the tribunal ruling successful the Grayscale case, Gensler said: “We bash everything astatine the Securities and Exchange Commission wrong the laws Congress has passed and however the courts construe them. We look keenly to the economics.” Gensler likewise told Bloomberg this week that the securities regulator does things according to its authorities and however the courts construe them.

Regarding the crypto market, Chair Gensler stated: “I would accidental this astir the crypto tract … There’s a batch of noncompliance. Noncompliance with the securities laws that are determination to assistance springiness you the disclosure truthful you tin marque the concern decision, but besides to support you against fraud and manipulation. And there’s been acold excessively overmuch fraud and atrocious actors successful the crypto field. There’s a batch of noncompliance, not lone with the securities laws but different laws astir immoderate wealth laundering and protecting the nationalist against atrocious actors there.” He further stressed:

This is simply a tract wherever you inactive don’t person the cardinal accusation connected galore of these projects. And the intermediaries of the alleged crypto exchanges are commingling and doing things that we bash not let anyplace other successful our fiscal system.

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