Key Points:

• SEC Chairman Gary Gensler reviews the Grayscale ETF ruling and Bitcoin ETF applications.
• A court ruling prompts the SEC to re-evaluate spot vs. futures ETF treatment.
• Financial giants compete for the first U.S. spot Bitcoin ETF.

In a recent Senate Banking Committee hearing, U.S. SEC Chairman Gary Gensler discussed the agency’s ongoing review of the Grayscale ruling and multiple spot Bitcoin ETF applications.

During the hearing, Senator Bill Hagerty from Tennessee queried Gensler about the agency’s requirements for approving a spot Bitcoin ETF filing. Gensler responded that they were actively reviewing the Grayscale decision and several other spot Bitcoin ETF filings, expressing anticipation for the staff’s recommendations.

A previous court ruling had criticized the SEC for favoring futures ETFs over spot Bitcoin ETFs without sufficient justification. Gensler also addressed concerns about the SEC’s staffing levels for crypto oversight. He noted that the agency’s staff count has increased by only 3% over the past seven years, indicating that they are not overstaffed.

Moreover, he emphasized the challenges posed by artificial intelligence and emerging technologies to SEC regulations, labeling counterfeiting and AI as “real risks” to the market.

The U.S. Court of Appeals for the D.C. Circuit had earlier ruled that the SEC must re-review Grayscale‘s bid for a spot ETF. This decision followed Grayscale’s legal action against the SEC after the rejection of its GBTC fund conversion plan. The court specifically questioned the SEC’s unequal treatment of ETFs compared to similar funds based on futures contracts, which the agency had approved.

Several prominent firms, including Blackrock, Fidelity, WisdomTree, Invesco, Ark Invest, and Bitwise, are actively competing for approval to launch the first-ever spot ETF in the United States. Franklin Templeton recently joined the growing list of competitors in the ETF race.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Bitcoin ETF

BTC

Gary Gensler

Grayscale

SEC

Author

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.

Related Posts

• Zhu Su Wife Sells Singapore Mansion for $38 Million
• Ethereum Launches Mekong Testnet for Pectra Upgrade
• Crypto Industry Reacts To SEC Chairman’s Resignation News
• Ethereum Layer2 TVL Surges to $43.9B with Impressive 3.76% Growth
• Giggle Academy Twitter Hack Prompts Concerns Over False Claims
• Memecoin “D.O.G.E” pump 150% thanks to Elon Musk and Trump
• Ethereum Spot ETF Inflows Hit $91.2M After Six-Day Outflow
• CryptoQuant Founder Reveals Memecoins Dominance Signals Weak Altcoin Narratives

News

SEC Chairman Gary Gensler Now Explores Bitcoin ETF Landscape Amidst Legal Challenges

Key Points:

• SEC Chairman Gary Gensler reviews the Grayscale ETF ruling and Bitcoin ETF applications.
• A court ruling prompts the SEC to re-evaluate spot vs. futures ETF treatment.
• Financial giants compete for the first U.S. spot Bitcoin ETF.

In a recent Senate Banking Committee hearing, U.S. SEC Chairman Gary Gensler discussed the agency’s ongoing review of the Grayscale ruling and multiple spot Bitcoin ETF applications.

During the hearing, Senator Bill Hagerty from Tennessee queried Gensler about the agency’s requirements for approving a spot Bitcoin ETF filing. Gensler responded that they were actively reviewing the Grayscale decision and several other spot Bitcoin ETF filings, expressing anticipation for the staff’s recommendations.

Tin foil hat time: it is also poss notable that he made sure to clarify (even tho from Haggerty's q he def understands this) that there are multiple other filings who aren't Grayscale

— Eric Balchunas (@EricBalchunas) September 12, 2023

A previous court ruling had criticized the SEC for favoring futures ETFs over spot Bitcoin ETFs without sufficient justification. Gensler also addressed concerns about the SEC’s staffing levels for crypto oversight. He noted that the agency’s staff count has increased by only 3% over the past seven years, indicating that they are not overstaffed.

Moreover, he emphasized the challenges posed by artificial intelligence and emerging technologies to SEC regulations, labeling counterfeiting and AI as “real risks” to the market.

The U.S. Court of Appeals for the D.C. Circuit had earlier ruled that the SEC must re-review Grayscale‘s bid for a spot ETF. This decision followed Grayscale’s legal action against the SEC after the rejection of its GBTC fund conversion plan. The court specifically questioned the SEC’s unequal treatment of ETFs compared to similar funds based on futures contracts, which the agency had approved.

Several prominent firms, including Blackrock, Fidelity, WisdomTree, Invesco, Ark Invest, and Bitwise, are actively competing for approval to launch the first-ever spot ETF in the United States. Franklin Templeton recently joined the growing list of competitors in the ETF race.

DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Other Posts

Related Posts

[tptn_list limit="8" title_length="0" heading="0" show_date="0" daily="1"]