SEC Chair Gensler Discusses Impact of Court Rulings on Reevaluating Bitcoin ETF Decisions

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SEC Chair Gensler Discusses Impact of Court Rulings on Reevaluating Bitcoin ETF Decisions
Source: Pixabay / sergeitokmakov

The U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler discussed the SEC’s evolving approach towards spot Bitcoin exchange-traded fund (ETF) applications, acknowledging the influence of recent judicial decisions.

In a recent interview with CNBC, Gensler elaborated on the SEC’s new approach, influenced by court rulings that urged the regulator to reconsider its previous denials of the applications and now reevaluate its stance on Bitcoin ETFs.

“I think it’s between eight and a dozen filings,” said Gensler. “I’m chair of a commission. I’m not to prejudge anything. So, that’s going through the process right now.”

“As you might know, we had in the past denied a number of these applications, but the courts here in the District of Columbia weighed in on that,” said Gensler. “And so we’re taking a new look at this based upon those court rulings.”

As Gensler was referring to the Grayscale case, he was asked if he opposes objections to the course rulings.

“We do everything at the Securities and Exchange Commission within the laws Congress has passed and how the courts interpret them,” explained Gensler. “But I would say this about the crypto field. This is a field that your viewers should be aware that there’s a lot of noncompliance.”

SEC’s Meets With Bitcoin ETF Issuers, Postponing Applications

Over the past few weeks, the SEC has been meeting with major spot Bitcoin ETF issuers, including BlackRock, Fidelity, Grayscale, and Franklin. According to Bloomberg Intelligence ETF analyst James Seyffart, the signal of frequent conversations could bring increased hope for the approval soon.

In the meantime, the SEC has again delayed its decision on spot Ethereum ETF applications, this time filed by Invesco and Galaxy Digital. Seyffart suggests that the SEC might consider simultaneous approvals for multiple applications to ensure a level playing field among competitors.

Bitcoin and Crypto to Thrive Even With Bitcoin ETF Rejected: Matrixport

According to the latest report published by Matrixport, a crypto financial services platform, Bitcoin and the crypto market in general will still thrive in 2024 even if the SEC disapproves Bitcoin ETFs.

“We will likely see higher crypto prices in 2024. Crypto investors should monitor the Bitcoin dominance chart daily as a declining indicator could signal that an Altcoin rally is imminent,” said the report.

In addition, the report argued that the potential return of former U.S. President Donald Trump could benefit the crypto market, too.

“2024 is also an election year, and the likelihood that former President Donald Trump will be elected again is high,” said the report. “His policies could boost the US economy and, with it, US stock prices and cryptocurrencies.”

The post SEC Chair Gensler Discusses Impact of Court Rulings on Reevaluating Bitcoin ETF Decisions appeared first on Cryptonews.

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