Gary Gensler, the U.S. SEC Chair, suggested a possible shift in the SEC’s position regarding Bitcoin exchange-traded funds (ETFs).
Gensler mentioned in an interview with CNBC that the SEC is currently examining various applications for ETFs linked to Bitcoin prices. This review is influenced by recent legal decisions in the District of Columbia.
Traditionally, the SEC has been cautious about approving such ETF proposals, citing various concerns. However, Gensler suggested a possible shift in approach, attributing it to feedback from the judiciary.
Although he didn’t directly mention the Grayscale case, the context implies a connection. Earlier this year, Grayscale successfully contested a legal dispute with the SEC, prompting a reconsideration of its application to transform its Bitcoin trust into an ETF.
The positive developments in Grayscale’s efforts and the broader push for approval of Bitcoin exchange-traded funds (ETFs) are boosting confidence in the market.