- Several applicants have recently submitted amended applications for their spot Bitcoin ETF.
- However, Gensler did not comment on the Grayscale lawsuit.
Gary Gensler, chairman of the US Securities and Exchange Commission (SEC), said the regulatory agency was reviewing multiple Bitcoin transactions. [BTC] Spot Exchange Traded Fund (ETF) applications.
The SEC chairman confirmed this while speak to Bloomberg’s Kailey Leinz. He said there is a lengthy review process involving multiple ETF applications.
Gensler added that applicants should ensure they go through a submission process similar to a public offering. He also said SEC staff responded and provided feedback to potential issuers.
However, he did not comment on whether the regulatory body might approve one ETF or wait to approve everything in the group if such approval is received.
Gensler also remained tight-lipped about the lawsuit against Grayscale Investments.
In August, the court ruled that the regulator’s decision to reject Grayscale’s spot Bitcoin ETF application was “arbitrary and capricious.” Last week it emerged that the regulator had decided not to challenge the verdict. The SEC must now reconsider its decision.
James Seyffart responded to the interview on X (formerly Twitter), calling most of Gensler’s responses “non-answers.”
Here is a short video of it @kaileyleinz Ask Gensler about it $GBTC and other place #Bitcoin ETFs. Mostly no answers in my opinion, but there is talk about the disclosure review team. We’ve gotten some insight into their process in recent days through changes from some of these submitters pic.twitter.com/lIWZc74OAi
— James Seyffart (@JSeyff) October 18, 2023
Prominent attorney Scott Johnsson speculated that Gensler’s failure to comment on the Grayscale filing underscored the “ongoing battle behind the scenes.” The applicant’s lawyers could use the recent judgment as leverage.
Because the court found the SEC’s order illegal, there was no need to refile, the lawyers must have argued. On the other hand, the SEC could have asked Grayscale to file an amended filing.
Now, ultimately, I don’t know where this will end up, but I strongly suspect Grayscale is using this as a leverage point in discussions with the SEC (probably this week). And the SEC will likely request reregistration.
— Scott Johnsson (@SGJohnsson) October 18, 2023
Other applicants have recently submitted amended applications for their spot Bitcoin ETF.
Leading asset manager Fidelity recently submitted an amended proposal at the beginning of this week. Cathie Wood’s ARK Invest and Invesco system also submitted their amended proposals last week.
The SEC has approved a number of Bitcoin futures ETFs since 2021. However, a spot Bitcoin ETF has yet to be approved.
