U.S. Securities and Alternate Fee chair Gary Gensler has hinted that the regulator has been rethinking its method to identify Bitcoin exchange-traded merchandise following a latest Grayscale court docket resolution.
Talking to CNBC on Dec. 14, Gary Gensler was questioned concerning the lengthy record of pending spot Bitcoin ETF functions. He stated the SEC has “between eight and a dozen filings” going via the method for the time being.
“We had previously denied quite a few these functions,” he stated earlier than including that the courts have weighed in on that. What adopted was a press release suggesting that the company could possibly be altering its tack on Bitcoin:
“So we’re taking a brand new have a look at this based mostly upon these court docket rulings.”
Information anchor Sara Eisen requested whether or not he was referring to Grayscale. Nevertheless, Gensler evaded the query, stating that all the things on the SEC is completed “inside the legal guidelines Congress has handed and the way the courts interpret them.”
In August, a federal choose overturned the SEC’s resolution to disclaim an ETF providing from Grayscale Investments via its Bitcoin Belief.
A number of massive asset managers, together with BlackRock, Constancy, Grayscale, Invesco, VanEck, and Valkyrie, at the moment are within the race to launch a spot Bitcoin ETF. All functions have been delayed, however analysts are assured {that a} batch approval will happen in early January.
Associated: Bitcoin ETF candidates must ‘bend the knee’ on money redemption mannequin
In a separate interview with Bloomberg’s Kailey Leinz on Dec. 14, Gensler additionally sidestepped questions concerning the variety of filings for spot Bitcoin merchandise. As a substitute, he spoke about latest modifications to the U.S. treasury market as the main focus of the company’s priorities.
In response to this interview on X, U.S. Congressman Bryan Steil commented:
“Chair Gary Gensler obfuscates on crypto with the press like he does at committee hearings. He doesn’t wish to clarify his company’s aggressive regulatory method which is pushing crypto offshore.”
“Gensler very not often offers clear solutions! He’s a grasp at hedging his phrases,” opined Bloomberg ETF analyst James Seyffart.
Chair @GaryGensler obfuscates on crypto with the press like he does at committee hearings. He doesn’t wish to clarify his company’s aggressive regulatory method which is pushing crypto offshore. https://t.co/YdQFN42jmK
— Bryan Steil (@RepBryanSteil) December 13, 2023
Journal: Crypto regulation: Does SEC Chair Gary Gensler have the ultimate say?
