SEC Considering 8-10 Spot Bitcoin ETF Applications, Says Chair Gary Gensler
U.S. Securities and Exchange Commission (SEC) Chairman
Gary Gensler said Thursday that the regulator has eight to 8 - 10 spot bitcoin exchange-traded fund (ETF) applications under review. The SEC has not yet approved a spot bitcoin ETF, even though the agency has greenlighted several ETFs linked to bitcoin futures contracts.
Gensler did not specify the eight to 10 spot bitcoin ETF applications the SEC is reviewing. However, based on public records, there are 12 spot bitcoin ETF applications pending review at the SEC, including Grayscale’s application to covert its bitcoin trust (GBTC) into a spot bitcoin ETF.
The price of bitcoin soared earlier this week on speculation that Blackrock, the world’s largest asset manager, is close to launching its bitcoin ETF. Moreover, the U.S. Court of Appeals for the D.C. Circuit ordered the SEC earlier this week to reconsider Grayscale Investments’ spot bitcoin ETF application. Some analysts, including those at JPMorgan, are expecting the SEC to approve multiple spot bitcoin ETFs at once.
Gensler previously
stated that all crypto tokens, excluding bitcoin, are securities. His litigation-heavy approach to regulating the crypto industry has drawn much criticism. He has repeatedly claimed that crypto is a field rife with fraud, abuse, and misconduct.
