Creative Reevaluation of Bitcoin Spot ETF Applications Underway by SEC Chairman Following Recent Court Rulings

Creative Reevaluation of Bitcoin Spot ETF Applications Underway by SEC Chairman Following Recent Court Rulings

Creative Reevaluation of Bitcoin Spot ETF Applications Underway by SEC Chairman Following Recent Court Rulings

Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), stated on Thursday (14th) that the SEC’s reconsideration of the Bitcoin spot ETF application takes into account recent court rulings.

According to a previous report by Zombit, Grayscale has been in conflict with the SEC in order to convert its Bitcoin trust fund GBTC into a spot ETF. It was not until August that the court ruled that the SEC must re-examine Grayscale’s Bitcoin spot ETF application, which led to substantive progress. The SEC is currently considering several applications from major asset management companies such as BlackRock and Fidelity.

In an interview with CNBC, Gensler said, “All of the SEC’s actions are in accordance with the laws passed by Congress and the courts’ interpretations of these laws.” However, he also reiterated his view that the cryptocurrency industry has many behaviors that do not comply with existing securities laws.

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