SEC Chair Gary Gensler Confirms SEC Now Has 8-10 Filings on Bitcoin ETFs

Key Points:

• The SEC is considering several Bitcoin ETF applications, sparking hopes for imminent approval.
• SEC Chair Gary Gensler underscores uncertainty in approval timing, citing differing filing dates.
• Cathie Wood’s ARK Invest leads, and optimism grows post-SEC’s decision on Grayscale’s Bitcoin ETF.

According to Reuters, the U.S. Securities and Exchange Commission (SEC) is currently reviewing eight to ten applications for potential exchange-traded products linked to Bitcoin, according to SEC Chair Gary Gensler.

SEC Chair Gary Gensler Nears Decision on Bitcoin ETFs

Bitcoin ETF news has caused a surge in Bitcoin’s price this week, with market speculators anticipating imminent SEC approval for a spot Bitcoin exchange-traded fund (ETF). Such an approval is seen as a significant driver of demand since it would allow investors to gain direct exposure to Bitcoin through a publicly listed product.

SEC Chair Gary Gensler, who has had a contentious relationship with the digital asset sector, recently commented on the industry at the 2023 Securities Enforcement Forum. However, with applications from asset management giants like BlackRock and Fidelity, the chances of approval for a Spot Bitcoin ETF have risen, with many expecting it to come by year-end.

Currently, there are 8-10 Bitcoin ETF filings before the SEC, as confirmed by SEC Chair Gary Gensler. He emphasized that the timing of the approvals remains uncertain, as each application has different filing dates.

Cathie Wood’s ARK Invest at the Forefront as Bitcoin ETF Approval Looms

The application submitted by Cathie Wood’s ARK Invest is at the forefront, with the SEC’s 240-day comment period set to expire on January 10, 2024. Regulators will need to either approve or reject the application by that date.

Anticipation for spot ETFs has grown following the SEC’s decision not to appeal a court ruling that found it wrong to reject Grayscale Investments’ application to convert its existing Bitcoin trust into a spot Bitcoin ETF. This development signifies a potential breakthrough for the digital asset industry.

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