In an interview with CNBC, Gary Gensler said that recent court rulings are making the SEC take a “new look” at Bitcoin ETF proposals. Currently, there are many pending Spot Bitcoin ETF applications from multiple financial institutions, including Grayscale, Fidelity, and BlackRock. Gensler said Thursday that the SEC is considering “between eight and a dozen filings” for a spot bitcoin ETF.
However, Gensler went on to note the SEC’s previous denial of ETF proposals, as well as the current wedge between the regulator and the crypto industry. “We had in the past denied a number of these applications, but the courts here in the District of Columbia weighed in on that. And so we’re taking a new look at this based upon those court rulings,” Gensler said.
When asked if he was directly speaking about the latest Grayscale ruling, Gensler skirted the answer and said that the SEC does everything “within the laws Congress has passed and how the courts interpret them.”
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Optimism has grown in the past month for the SEC to approve multiple Spot Bitcoin ETF applications, with some experts expecting approval as soon as Q1 2024. The approval of these ETFs would make implementing crypto in bank transactions much easier. In turn, crypto may be more involved in future day-to-day transactions than ever.
SEC Chair Gensler has been vocal on his opposition to crypto. However, with increased pressure to approve the applications hitting the SEC, Gensler appears to be succumbing to the pressure more.