Gensler hints Grayscale ruling forced SEC to take ‘new look’ at Bitcoin ETFs

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 current Grayscale courtroom determination.

Talking to CNBC on Dec. 14, Gary Gensler was questioned concerning the lengthy checklist of pending spot Bitcoin ETF purposes. He stated the SEC has “between eight and a dozen filings” going via the method in the intervening time.

“We had up to now denied quite a few these purposes,” 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 take a look at this primarily based upon these courtroom rulings.”

Information anchor Sara Eisen requested whether or not he was referring to Grayscale. Nevertheless, Gensler evaded the query, stating that all the pieces on the SEC is finished “inside the legal guidelines Congress has handed and the way the courts interpret them.”

In August, a federal decide overturned the SEC’s determination to disclaim an ETF providing from Grayscale Investments via its Bitcoin Belief.

A number of giant asset managers, together with BlackRock, Constancy, Grayscale, Invesco, VanEck, and Valkyrie, are actually within the race to launch a spot Bitcoin ETF. All purposes 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 an alternative, he spoke about current adjustments to the U.S. treasury market as the main target of the company’s priorities.

In response to this interview on XU.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 provides 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?