Chair

Bitcoin ETF

Bitcoin

U.S. Securities and Exchange Commission Chair Gary Gensler indicated a possible change in the agency’s approach towards Bitcoin ETFs. 
During a <a href="https://www.cnbc.com/2023/12/14/cnbc-exclusive-cnbc-transcript-sec-chair-gary-gensler-speaks-with-cnbcs-money-movers-today.html" data-type="link" data-id="https://www.cnbc.com/2023/12/14/cnbc-exclusive-cnbc-transcript-sec-chair-gary-gensler-speaks-with-cnbcs-money-movers-today.html" target="_blank" rel="noopener">CNBC interview</a>, Gensler revealed that the U.S. Securities and Exchange Commission (SEC) is reconsidering “between eight and a dozen filings” for spot Bitcoin ETFs, a move influenced by recent court decisions in the District of Columbia. 
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Historically, the SEC has hesitated to approve such proposals, citing various concerns. However, Gensler hinted at a shift, attributing it to judicial input. While he avoided directly referencing the Grayscale case, the context suggests a connection. Earlier this year, <a href="https://crypto.news/grayscales-bitcoin-etf-triumphs-over-sec-fueling-crypto-market-rally/" data-type="link" data-id="https://crypto.news/grayscales-bitcoin-etf-triumphs-over-sec-fueling-crypto-market-rally/">Grayscale</a> won a legal battle against the SEC, leading to a reassessment of its application to convert its Bitcoin trust into an ETF. This decision was not appealed by the SEC. 
 You might also like: <a href="https://crypto.news/jpmorgan-bitcoin-etfs-impact-ethereum-surprise-skeptics/"> JPMorgan: Bitcoin ETF’s impact overstated, Ethereum set to surprise skeptics </a> 
Grayscale’s progress, alongside others rooting for ETF approval, has stirred optimism in the market. Bloomberg analysts James Seyffart and Eric Balchunas noted ongoing discussions between the <a href="http://crypto.news/grayscale-updates-spot-bitcoin-etf-application-after-meeting-with-sec/(opens in a new tab)">SEC</a> and Grayscale, indicating a collaborative effort toward regulatory compliance. 
The race for a <a href="https://crypto.news/tag/bitcoin-etf/" data-type="link" data-id="https://crypto.news/tag/bitcoin-etf/">Bitcoin ETF</a> has attracted diverse players, including major asset managers like BlackRock. With the SEC set to decide on ARK and 21Shares’ proposal by <a href="https://crypto.news/analyst-points-to-imminent-signs-of-spot-bitcoin-etf-approval/" data-type="link" data-id="https://crypto.news/analyst-points-to-imminent-signs-of-spot-bitcoin-etf-approval/">Jan. 10</a>, anticipation is high. Bloomberg analysts estimate a 90% chance of approval, though skeptics like former SEC staffer John Reed Stark deem such optimism “absurd.” 
 Read more: <a href="https://crypto.news/mike-novogratz-bitcoin-poised-for-flight-over-ath-on-spot-btc-etf-approval/"> Mike Novogratz: Bitcoin poised for flight over ATH on spot BTC ETF approval </a>

Gensler: SEC reevaluating spot Bitcoin ETF with fresh perspective

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