It seems that the Chairman of the U.S. Securities and Exchange Commission (SEC), Gensler, has shown signs of softening his stance on Bitcoin exchange-traded funds (ETFs) following a recent case that concluded in favor of Grayscale.
In August, a judge overturned the SEC’s decision to reject an ETF proposal conducted through the Grayscale Investments Bitcoin Trust.
”Our Work on a Dozen Applications Continues”
In an interview with CNBC on December 14, SEC Chairman Gary Gensler discussed the spot Bitcoin ETF applications that are still in the decision phase. Gensler noted that the SEC is currently working on “between eight and a dozen” applications.
Gensler mentions that some of these applications had been rejected in the past, but recent court rulings have given more weight to this issue, which has led to interpretations that his attitude and approach towards ETFs are changing.
“So we’re taking a new look at this based upon those court rulings.”
Leading asset managers such as BlackRock, Fidelity, Grayscale, Galaxy, VanEck, and Valkyrie are in the race for a spot in Bitcoin ETF. Currently, all applications are postponed, but recently the SEC has been holding consecutive meetings with Blackrock and some other companies. Some analysts predict a collective approval might be given in early January 2024.