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Gensler hints Grayscale ruling pressured SEC to take ‘new look’ at Bitcoin ETFs

14 Dec 2023
2020

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U.S. Securities and Alternate Fee chair Gary Gensler has hinted that the regulator has been rethinking its method to identify Bitcoin exchange-traded merchandise following a latest Grayscale courtroom resolution.

Chatting with CNBC on Dec. 14, Gary Gensler was questioned concerning the lengthy checklist of pending spot Bitcoin ETF purposes. He said the SEC has “between eight and a dozen filings” going by means of the method in the mean time.

“We had up to now denied plenty of these purposes,” he mentioned earlier than including that the courts have weighed in on that. What adopted was an announcement suggesting that the company might be altering its tack on Bitcoin:

“So we’re taking a brand new have a look at this based mostly upon these courtroom rulings.”

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

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

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

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 concerning the variety of filings for spot Bitcoin products. As an alternative, he spoke about latest adjustments to the U.S. treasury market as the main target of the company’s priorities.

In response to this interview on XU.S. Congressman Bryan Steil commented:

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

“Gensler very hardly ever provides 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?