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After a year\u2019s worth of stonewalling spot Bitcoin ETF applicants, the SEC may be taking a more laid-back approach toward their proponents.<\/p>\n
Following a failed bid<\/a> to block Grayscale from creating an ETF via lawsuit, Cathie Wood \u2013 the CEO of Ark Invest \u2013 stated<\/a> that she had noticed a welcome change in the SEC\u2019s behavior. Instead of outright refusing to consider applications, the regulator began asking questions about the proposed ETF, which she views as a positive sign.<\/p>\n \u201cThe fact that the SEC chose to ask questions is a change in behavior. Therefore, I do think hopes are rising that a \u2013 or a number of \u2013 Bitcoin ETFs will be approved.\u201d<\/p>\n<\/blockquote>\n Mike Novogratz confirmed that the SEC asked similar questions about Galaxy Digital\u2019s own proposed ETF. According<\/a> to him, spot Bitcoin ETFs should be approved by the end of the year.<\/p>\n However, SEC chairman Gary Gensler remained tight-lipped when interviewed on the subject by Bloomberg Reporters.<\/p>\n In an interview with Bloomberg reporter Kailey Lenz \u2013 who also took the time to wish Gensler a Happy Birthday \u2013 the SEC chair stated that he and his team are currently reviewing eight to ten spot Bitcoin ETF applicants.<\/p>\n Here\u2019s a short clip of @kaileyleinz<\/a> asking Gensler about $GBTC<\/a> and other spot #Bitcoin<\/a> ETFs. Mostly non-answers in my opinion but does talk about the disclosure review team. We\u2019ve had some insight into their process via the amendments from some of these filers in recent days pic.twitter.com\/lIWZc74OAi<\/a><\/p>\n \u2014 James Seyffart (@JSeyff) October 18, 2023<\/a><\/p>\n<\/blockquote>\n According to Gensler, the applications are currently with the Corporate Finance Division, following the same process as many other investment funds over the decades.<\/p>\n \u201cSo it\u2019s really the work of our Division of Corporation Finance that gives feedback, our Division of Trading and Markets, of course, looks at the filings. This is a time-tested process that goes back decades. The staff of the SEC, it\u2019s called the Disclosure Review Team, but in that group, they respond and give feedback to potential issuers.\u201d<\/p>\n<\/blockquote>\n When asked about the likelihood of the ETFs being approved, Gensler responded that he cannot comment on ongoing cases \u2013 and that he, personally, will not pre-judge the outcome of the process.<\/p>\n The short interview is largely in line with the most recent developments in the regulator\u2019s attitude towards spot Bitcoin ETFs. After losing its court case against Grayscale last month, the SEC decided against appealing.<\/p>\n However, an approval of Grayscale\u2019s fund has not been provided yet. If the above interview is any indication, it\u2019s likely that multiple ETFs will be greenlighted or denied simultaneously within the coming months.<\/p>\n\n
Putting in Work<\/h2>\n
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