``` Gensler hints Grayscale ruling forced SEC to take ‘new look’ at Bitcoin ETFs - Coin Postman
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Gensler hints Grayscale ruling forced SEC to take ‘new look’ at Bitcoin ETFs


United States Securities and Alternate Fee (SEC) chair Gary Gensler has hinted that the regulator has been rethinking its strategy to identify Bitcoin (BTC) exchange-traded merchandise following a current Grayscale court docket choice.

Talking to CNBC on Dec. 14, Gensler was questioned concerning the lengthy record of pending spot Bitcoin exchange-traded fund (ETF) functions. He said the SEC has “between eight and a dozen filings” going by way of the method for the time being.

“We had previously denied quite a lot of these functions,” he stated earlier than including that the courts have weighed in on that. What adopted was a press release suggesting that the company may very well be altering its tack on Bitcoin:

“So we’re taking a brand new take a look at this primarily based upon these court docket rulings.”

Information anchor Sara Eisen requested whether or not he was referring to Grayscale. Nevertheless, Gensler evaded the query, stating that every little thing on the SEC is finished “inside the legal guidelines Congress has handed and the way the courts interpret them.”

In August, a federal choose overturned the SEC’s decision to disclaim an ETF providing from Grayscale Investments by way of its Bitcoin belief.

A number of massive asset managers, together with BlackRock, Constancy, Grayscale, Invesco and Galaxy, VanEck and Valkyrie, at the moment are within the race to launch a spot Bitcoin ETF. All functions have been delayed, however some analysts are confident {that a} batch approval will happen in early January 2024.

Associated: Bitcoin ETF applicants will have to ‘bend the knee’ on cash redemption model

In a separate interview with Bloomberg’s Kailey Leinz on Dec. 14, Gensler additionally sidestepped questions relating to the variety of filings for spot Bitcoin products. As an alternative, he spoke about current modifications to the U.S. treasury market as the main target of the company’s priorities.

In response to Gensler’s interview, U.S. Consultant Bryan Steil commented on X (previously Twitter):

“Chair Gary Gensler obfuscates on crypto with the press like he does at committee hearings. He doesn’t wish to clarify his company’s aggressive regulatory strategy which is pushing crypto offshore.”

“Gensler very hardly ever offers clear solutions! He’s a grasp at hedging his phrases,” opined Bloomberg ETF analyst James Seyffart.

Journal: Crypto regulation: Does SEC Chair Gary Gensler have the final say?