SEC Chairman Softens Stance: Reconsidering Repeated Rejections of Bitcoin Spot ETFs
A Turning Point for Bitcoin Spot ETFs in the U.S.
The U.S. Securities and Exchange Commission (SEC) has been notorious for not approving any Bitcoin spot Exchange-Traded Funds (ETFs), repeatedly rejecting or postponing all applications received. However, a change in attitude is emerging from SEC Chairman Gary Gensler, indicating a potential shift in the regulatory landscape for Bitcoin spot ETFs.
Further reading：BlackRock’s Revision of Bitcoin Spot ETF Mechanism: Opening Doors for Wall Street Banks to Enter Crypto
SEC’s Upcoming Decision on Ark Invest’s Application
The SEC must make a final decision by January 10th next year on the application submitted by Ark Invest, making it the earliest deadline among all Bitcoin spot ETF applications.
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SEC’s Reevaluation Post Grayscale Lawsuit
After losing a lawsuit against Grayscale in August, where a court ruled that the SEC’s refusal to convert Grayscale’s Bitcoin Trust product (GBTC) into an ETF was improper, the SEC has softened its stance. Chairman Gary Gensler stated in a CNBC interview that the SEC would reconsider its approach to Bitcoin spot ETF applications based on the court’s decision.
Discussions on Technical Details of Bitcoin Spot ETFs
The SEC is currently reviewing over a dozen applications from firms like Grayscale, BlackRock, Ark Invest, and Fidelity. Discussions have escalated to technical details typically addressed towards the end of the ETF application process. These details include custodial arrangements, creation and redemption mechanisms, and risk disclosure for investors, suggesting that the SEC might soon approve Bitcoin spot ETF products.
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Gensler’s Continued Concerns
Despite this shift, Gensler reiterated his concerns during the interview. He highlighted the prevalence of fraudulent and non-compliant activities in the cryptocurrency industry, pointing out violations of securities laws and other regulations related to anti-money laundering and public protection.
Further reading：Bitcoin Spot ETFs Approach Critical Milestone: A Comprehensive Look at SEC Review Dates and Negotiations
Implications for the Cryptocurrency Industry
The SEC’s reevaluation of its stance on Bitcoin spot ETFs and ongoing discussions on technical details represent a significant development for the cryptocurrency industry. The decision on Ark Invest’s application, due by January 10th next year, will be a critical milestone, potentially setting the tone for future approvals and paving the way for mainstream adoption of Bitcoin and other cryptocurrencies.
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Keywords: U.S. SEC, Bitcoin Spot ETF, Gary Gensler, Cryptocurrency, Ark Invest, Grayscale, BlackRock, Fidelity, CNBC, Technical Details, Custodial Arrangements, Creation and Redemption Mechanisms, Risk Disclosure, Fraudulent Activities, Regulatory Landscape, Mainstream Adoption, Cryptocurrency Industry
