By: Eliza Bennet
Chair of the U.S. Securities and Exchange Commission, Gary Gensler has commented on pending spot Bitcoin ETF applications during an interview on Dec. 14. Despite rejecting numerous applications in the past, the SEC is reconsidering this stance, largely due to a recent court ruling involving Grayscale Investments.
Grayscale won the right for SEC review of an application to convert its GBTC fund into a spot Bitcoin ETF, a decision that has spurred optimism among market players. Analysts estimate that there is a 90% chance that the SEC will approve a spot Bitcoin ETF by Jan. 10, 2024. However, Gensler refrained from speculating on this matter.
Gensler highlighted widespread noncompliance issues in the crypto field, stating many bad actors are involved in acts of fraud. He revealed that the SEC has settled or litigated approximately 150 to 175 cases involving cryptocurrency. Gensler emphasized the importance of compliance with securities laws, as well as in areas like money laundering and public protection.
© BlockBriefly. All Rights Reserved.