Gensler takes questions on spot Bitcoin ETFs, but keeps cards close to chest Gensler takes questions on spot Bitcoin ETFs, but keeps cards close to chest
The SEC chair declined to comment on specifics but acknowledged the many applications working their ways through the system.
2 min read
Updated: Oct. 19, 2023 at 12:45 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
U.S. Securities and Exchange Commission (SEC) chair Gary Gensler spoke to Bloomberg about several pending spot Bitcoin (BTC) ETFs on Oct. 18.
In his interview, Gensler acknowledged that around ten Bitcoin exchange-traded fund (ETF) proposals are currently awaiting a decision from SEC staff.
He noted that he personally cannot pre-judge those proposals and declined to comment on widespread suggestions that the SEC might approve multiple spot Bitcoin ETFs at once. However, he confirmed that the SEC is currently doing work on “multiple filings” and said that various divisions are providing feedback to issuers.
When asked whether discussions between ETF issuers and the SEC have been productive, Gensler declined to provide any details on those conversations. He merely called the established approach a “time-tested process” that has been in place for decades.
Gensler comments on Grayscale
Gensler also touched upon recent developments concerning Grayscale’s effort to convert its GBTC fund into a Bitcoin spot ETF before he commented on ETFs in general. Grayscale won the right to have its application reviewed by the SEC in court in August.
The SEC was allowed to appeal that court decision no later than Oct. 13, but the agency apparently declined to do so as no filings materialized. Gensler confirmed this in the interview, saying: “We didn’t appeal last Friday … I think that’s accurate.” He declined to state whether Grayscale’s legislation is still ongoing and did not comment on the matter further.
Even if the SEC is compelled to review Grayscale’s application, the agency will not be required to approve the proposed fund. Furthermore, any decision that applies to Grayscale’s proposal will not necessarily apply to other spot Bitcoin ETF proposals.
Gensler’s comments come two days after an inaccurate report suggesting that the SEC had approved BlackRock’s spot Bitcoin ETF proposal gathered attention on social media. Though the rumor proved inaccurate, the price of Bitcoin surged above $30,000 as the misinformation spread before crashing back to previous levels.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
BlackRock
BlackRock, synonymous with global asset management, is an American multinational investment management corporation based in New York City.
Grayscale Investments
Established in 2013 by Digital Currency Group, Grayscale Investments is a trusted authority on digital currency investing and cryptocurrency asset management.
Gary Gensler is an American government official and former investment banker who President Joseph Biden nominated to chair the U.S.
