SEC weighing Bitcoin ETF applications, says Gary Gensler

by ChainChirp
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  • A number of candidates have not too long ago submitted amended filings for his or her spot Bitcoin ETF.
  • Gensler, nevertheless, didn’t touch upon the Grayscale court docket case.

Gary Gensler, the Chair of the U.S. Securities and Alternate Fee (SEC), mentioned the regulatory physique was reviewing a number of Bitcoin [BTC] spot exchange-traded fund (ETF) functions.

The SEC Chair made the affirmation, whereas speaking to Bloomberg’s Kailey Leinz. He mentioned there’s a long-standing overview course of involving a number of ETF filings.

Gensler added that candidates should make sure that they undergo a submitting course of that’s much like a public providing. He additionally mentioned that the SEC employees responded and offered suggestions to potential issuers.

Nevertheless, he didn’t touch upon whether or not the regulatory physique would probably approve one ETF or wait to approve the whole lot within the group if such approval is obtained.

Gensler, furthermore, remained tight-lipped on the Grayscale Investments court docket case.

In August, the court docket dominated that the regulator’s choice to reject Grayscale’s spot Bitcoin ETF software was “arbitrary and capricious”. It emerged final week that the regulator had determined to not contest the judgment. The SEC now must revisit its choice.

James Seyffart reacted to the interview on X (previously Twitter), calling most of Gensler’s responses “non-answers.”

Outstanding lawyer Scott Johnsson speculated that Gensler’s not commenting on the Grayscale submitting underlined the “ongoing battle behind the scenes.” The applicant’s legal professionals is perhaps utilizing the current judgment as leverage.

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Because the court docket deemed the SEC’s order illegal, there was no must file once more, the legal professionals will need to have argued. However, the SEC might need been asking Grayscale to submit an amended submitting.

Different candidates have not too long ago submitted amended filings for his or her spot Bitcoin ETF.

Main asset supervisor Constancy not too long ago submitted an amended proposal early this week. Cathie Wooden’s ARK Make investments and Invesco Galaxy additionally submitted their amended proposals final week.

The SEC has authorised numerous Bitcoin futures ETFs since 2021. Nevertheless, it’s but to approve any spot Bitcoin ETF.

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