TL; DR
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Gary has come under a lot of criticism for his inconsistent approach to regulating the crypto industry – and after being scolded in the Grayscale case, he came out and said the SEC is taking a “fresh look” at the many ongoing Bitcoin ETF Applications.
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While we’re still confident that a Bitcoin ETF will inevitably launch in the US and bring a slew of new investments into BTC… we wouldn’t be shocked if this happened. it didn’t will take place in early January 2024, as much of the market currently expects.
Full story
“You know what, I’m not going to give up that easily. I’m going to make this road harder than it has to be.”
Was this quote from:
A) Michael Scott, when he broke up with Holly Flax in S5 E5 of The Office?
or
B) Gary Gensler, after a court found his denial of Grayscale’s Bitcoin ETF ‘arbitrary and capricious’?
If you answered A), you are right!
If you answered B, you’re also right…probably.
We’re not sure if Gary said it outright, but his actions certainly sing a similar tune.
See, Gary has come under a lot of criticism for his inconsistent approach to regulating the crypto industry – and after getting scolded in the Grayscale case, he came out and said the SEC is taking a “fresh look” at the many pending Bitcoin ETF applications. .
This indicates potential for positive forward movement.
…but in the meantime (in the background), Gary’s team has strengthened its position on a key point appearing in multiple ETF filings (including BlackRock’s), which likely requires further investigation.
What does this all mean?
Short answer: possible delays.
While we’re still confident that a Bitcoin ETF will inevitably launch in the US and bring a whole host of new investments to BTC…
We wouldn’t be shocked if that were the case it didn’t will take place in early January 2024, as much of the market currently expects.
