SEC weighing Bitcoin ETF applications, says Gary Gensler
- A number of candidates have not too long ago submitted amended filings for his or her spot Bitcoin ETF.
- Gensler, nonetheless, didn’t touch upon the Grayscale court docket case.
Gary Gensler, the Chair of the U.S. Securities and Alternate Fee (SEC), stated the regulatory physique was reviewing a number of Bitcoin [BTC] spot exchange-traded fund (ETF) purposes.
The SEC Chair made the affirmation, whereas speaking to Bloomberg’s Kailey Leinz. He stated there’s a long-standing evaluate course of involving a number of ETF filings.
Gensler added that candidates should be sure that they undergo a submitting course of that’s much like a public providing. He additionally stated that the SEC workers 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 every little thing 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 resolution to reject Grayscale’s spot Bitcoin ETF utility was “arbitrary and capricious”. It emerged final week that the regulator had determined to not contest the judgment. The SEC now must revisit its resolution.
James Seyffart reacted to the interview on X (previously Twitter), calling most of Gensler’s responses “non-answers.”
Right here’s a brief clip of @kaileyleinz asking Gensler about $GBTC and different spot #Bitcoin ETFs. Principally non-answers in my view however does speak concerning the disclosure evaluate group. We’ve had some perception into their course of by way of the amendments from a few of these filers in latest days pic.twitter.com/lIWZc74OAi
— James Seyffart (@JSeyff) October 18, 2023
Distinguished lawyer Scott Johnsson speculated that Gensler’s not commenting on the Grayscale submitting underlined the “ongoing battle behind the scenes.” The applicant’s attorneys could be utilizing the latest judgment as leverage.
Because the court docket deemed the SEC’s order illegal, there was no must file once more, the attorneys should have argued. However, the SEC might need been asking Grayscale to submit an amended submitting.
Now, I finally don’t know the place this finally ends up, however I think strongly Grayscale is utilizing this as some extent of leverage in discussions with the SEC (in all probability this week). And the SEC doubtless requesting they refile.
— Scott Johnsson (@SGJohnsson) October 18, 2023
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 accredited quite a lot of Bitcoin futures ETFs since 2021. Nevertheless, it’s but to approve any spot Bitcoin ETF.
