The Chair of the U.S. Securities and Exchange Commission (SEC), Gary Gensler, recently discussed the SEC’s new approach towards spot Bitcoin exchange-traded fund (ETF) applications. Gensler acknowledged the influence of recent judicial decisions on the SEC’s stance and emphasized the need to reevaluate their previous denials of such applications.
Reevaluating the Applications
“I think it’s between eight and a dozen filings. I’m chair of a commission. I’m not to prejudge anything. So, that’s going through the process right now.”
– Gary Gensler
Gensler highlighted that the SEC had previously denied several Bitcoin ETF applications, but recent court rulings called for a reconsideration. He explained, “And so we’re taking a new look at this based upon those court rulings.”
When asked about objections to the court rulings, Gensler clarified that the SEC operates within the laws passed by Congress and the interpretation of those laws by the courts.
Gensler also advised viewers to be aware of the noncompliance and challenges present in the crypto field.
Meeting with Major Bitcoin ETF Issuers
In recent weeks, the SEC has been meeting with major spot Bitcoin ETF issuers, including BlackRock, Fidelity, Grayscale, and Franklin. These frequent conversations have raised hopes for the approval of Bitcoin ETFs in the near future.
Simultaneous Approvals for Ethereum ETF Applications
Meanwhile, the SEC has delayed its decision on spot Ethereum ETF applications filed by Invesco and Galaxy Digital. It is speculated that the SEC might consider approving multiple applications simultaneously to ensure fair competition among competitors.
Thriving Crypto Market in 2024
Even if the SEC disapproves Bitcoin ETFs, a report published by Matrixport, a crypto financial services platform, predicts a thriving crypto market in 2024. The report suggests that monitoring the Bitcoin dominance chart could signal an imminent Altcoin rally. Furthermore, the report speculates that the potential return of former U.S. President Donald Trump in the 2024 election could benefit the crypto market. The report states that his policies could boost the US economy, stock prices, and cryptocurrencies.
– Matrixport report
