Gensler takes questions on spot Bitcoin ETFs, however retains playing cards near chest

U.S. Securities and Change Fee (SEC) chair Gary Gensler spoke to Bloomberg about a number of pending spot Bitcoin (BTC) ETFs on Oct. 18.

In his interview, Gensler acknowledged that round ten Bitcoin exchange-traded fund (ETF) proposals are at present awaiting a call from SEC employees.

He famous that he personally can’t pre-judge these proposals and declined to touch upon widespread ideas that the SEC may approve a number of spot Bitcoin ETFs without delay. Nonetheless, he confirmed that the SEC is at present doing work on “a number of filings” and mentioned that varied divisions are offering suggestions to issuers.

When requested whether or not discussions between ETF issuers and the SEC have been productive, Gensler declined to supply any particulars on these conversations. He merely referred to as the established strategy a “time-tested course of” that has been in place for many years.

Gensler feedback on Grayscale

Gensler additionally touched upon latest developments regarding Grayscale’s effort to transform its GBTC fund right into a Bitcoin spot ETF earlier than he commented on ETFs usually. Grayscale received the fitting to have its software reviewed by the SEC in court docket in August.

The SEC was allowed to enchantment that court docket resolution no later than Oct. 13, however the company apparently declined to take action as no filings materialized. Gensler confirmed this within the interview, saying: “We didn’t enchantment final Friday … I believe that’s correct.” He declined to state whether or not Grayscale’s laws remains to be ongoing and didn’t touch upon the matter additional.

Even when the SEC is compelled to evaluation Grayscale’s software, the company is not going to be required to approve the proposed fund. Moreover, any resolution that applies to Grayscale’s proposal is not going to essentially apply to different spot Bitcoin ETF proposals.

Gensler’s feedback come two days after an inaccurate report suggesting that the SEC had accredited BlackRock’s spot Bitcoin ETF proposal gathered consideration on social media. Although the rumor proved inaccurate, the value of Bitcoin surged above $30,000 because the misinformation unfold earlier than crashing again to earlier ranges.

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