Gary Gensler hinted that the SEC body is going to soften its stance on the Bitcoin spot ETF applications.
The United States Securities and Exchange Commission (SEC) is the top US financial regulatory body which also regulates the crypto sector under the traditional rules & laws, for which the SEC body faces criticism from the crypto leaders. Currently, a dozen of Bitcoin spot ETF applications are on the SEC’s table which are eagerly waiting to get regulatory approval.
On 14 Dec 2023, In an interview with CNBC, SEC chairman Gary Gensler said that the SEC body is working on eight to twelve Bitcoin spot ETF applications.
Further, he added that the SEC body is going to change its stance on these applications, despite the body rejected all the Bitcoin spot ETF applications in the past couple of years.
Gensler directly avoided the host’s question related to the Grayscale vs SEC court ruling and said that the SEC body will work on behalf of the laws passed by Congress & how the courts interpret them.
On the same day in another interview with Bloomberg’s Kailey Leinz, Gensler avoided the questions related to Bitcoin spot ETF filing and talked about recent changes to the U.S. treasury market as the focus of the agency’s priorities.
For denying questions related to Cryptocurrencies, Congressman Bryan Steil criticized Gensler badly. He said that Gensler is directly trying to hide the SEC’s bad crypto regulatory approach which is pushing crypto offshore.
This latest response by the SEC chairman to the Bitcoin spot ETF promoted a mixed reaction in the crypto sector. Some people said that the SEC body is going to give regulatory approval for Bitcoin spot ETF applications, while some people claimed that the SEC body probably planned something new to reject all these applications simultaneously.
Read also: Crypto analyst predicts $ADA may hit $33