SEC Chair Gives Update, Says Bitcoin Spot ETFs “Going Through Process Right Now”

U.S. SEC Chair Gary Gensler has shared another update on the approval process for the Bitcoin ETF filings on the agency’s table.

The wait for a spot in Bitcoin ETF in the United States could be nearing its climax based on recent comments by U.S. SEC Chair Gary Gensler. In a recent CNBC interview, chair Gensler revealed that applications to launch such a product are “going through the process right now.”

Gary Gensler fielded questions about the Bitcoin ETF filings and the possibility of approval for such a product in early January. Without disclosing exact details, the agency chair confirmed that between eight and a dozen applications are under review.

He also hinted that the agency’s hands were forced to review the applications following the landmark court ruling in favor of Grayscale. The court had ruled that the SEC did not have the right to deny Graycale’s application to convert its Bitcoin Trust product to a spot Bitcoin ETF.

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SEC Aims to Play by the Law and Protect Investors, Gensler Says

Still on the Grayscale ruling, Gensler said that the SEC does everything within its power to operate within laws passed by Congress and interpreted by the courts. Therefore, after rejecting several in the past, the decision to review the spot Bitcoin ETF filings was only an extension of its duties. However, he warned that market participants must be wary of the risks associated with cryptocurrencies and the non-compliance of most companies in the industry. 

Gensler specifically singled out the securities laws at the heart of recent lawsuits between the SEC and crypto-related companies like Ripple, Coinbase, and Binance. As he always has, the SEC chair argued that such laws give investors access to relevant disclosures and reduce the risk of fraud and manipulation.

Meanwhile, Gary Gensler also disputed claims that fraud has been “flushed” out of crypto following bankruptcies, convictions, and sentencing of key offenders. The SEC chair believes crypto is still a “wild west” that pervades globally and needs regulations to ensure a level playing field for participants.