In a recent eye-opening interview on CNBC’s “Money Movers” (December 14, 2023), Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), spilled the beans on the current state of play for spot Bitcoin ETF approvals.
Gensler revealed that the SEC is currently scrutinizing eight to twelve ETF applications, adding a dash of suspense to the regulatory drama.
Addressing queries during the interview, Gensler emphasized his commitment to maintaining impartiality in the review process, refraining from making assumptions before the applications undergo a thorough examination. He noted the SEC’s historical denials of similar applications but highlighted recent court rulings in the District of Columbia that directed a reconsideration of the matter. This prompted the commission to reexamine the applications in light of these judicial decisions.
Responding to inquiries about market excitement following the court ruling on Grayscale, a subsidiary of Digital Currency Group, Gensler reiterated the SEC’s dedication to operating within legal frameworks and respecting court interpretations.
Read More: Crypto Expert Warns of Bitcoin “Washouts” Ahead of ETF Approval
However, Gensler did express significant concerns during the interview regarding compliance within the cryptocurrency sphere. He pointed out issues related to securities laws, anti-money laundering regulations, and the need for protection against illicit activities within the industry. Criticizing the commingling practices observed in crypto exchanges, he highlighted activities that are not permissible within traditional financial systems.
Contrary to the perception that fraudulent activities have been eradicated from the crypto industry, Gensler staunchly disagreed, citing numerous cases, bankruptcies, and instances of malpractice. He acknowledged the challenges faced by legitimate actors operating in the crypto space due to these pervasive issues.
In a related development, Charles Adkins, ex-APTOS Head and current Hedera President, sees multiple Bitcoin ETFs getting regulatory approval simultaneously. Adkins believes that being an early player could make a significant difference.
Additionally, First Trust Portfolios, L.P. recently filed for Bitcoin Buffer ETFs, playing the regulatory game under Form N1-A with the SEC, capitalizing on the latest rule changes.
We’re nearly there!
Looking ahead, the potential approval of spot Bitcoin ETFs is on the horizon, with the SEC set to wrap up its review in early 2024. The crypto community eagerly awaits the outcome, anticipating a new era in cryptocurrency investments as regulations evolve.
This Might Interest You: Matrixport Claims Bitcoin Headed for Big Gains in 2024 Even Without Spot ETFs; Here’s Why
The Sui network has attracted significant investment from institutional investors seeking to capitalize on its…
Technical analysis shows that the Dogecoin price is poised to gain 33% to 23 cents…
The AT&T subscribers can connect to Helium’s community-built Wi-Fi network. The Helium network has grown…
The crypto markets are experiencing a powerful bullish wave, highlighted by Bitcoin’s breakout and a…
The recent rise in the bullish momentum has elevated the markets above the bearish captivity…
The PayPal USD (PYUSD) stablecoin is fast approaching the $1 billion market cap milestone. The…
