SEC is working on multiple Bitcoin spot ETF filings, says Chair Gensler
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The US Securities and Exchange Commission Chair, Gary Gensler, spoke to Bloomberg TV recently, mentioning the status of multiple Bitcoin spot ETF filings coming from major financial firms and asset managers.
Gensler did not reveal many details regarding the status of the filings for Bloomberg TV, but he did say that the SEC staff continues to work on them for the time being.
The future of Bitcoin spot ETFs in the US remains unclear
While many have pointed out that Gensler has only offered “non-answers” while talking about Bitcoin ETFs, he himself stated that he does not want to pre-judge. “The staff is doing work on those multiple filings,” he said, leaving the matter at that for the time being.
Here's a short clip of @kaileyleinz asking Gensler about $GBTC and other spot #Bitcoin ETFs. Mostly non-answers in my opinion but does talk about the disclosure review team. We've had some insight into their process via the amendments from some of these filers in recent days pic.twitter.com/lIWZc74OAi
— James Seyffart (@JSeyff) October 18, 2023
Gensler also did not comment when asked about what are the next steps in the case of SEC vs. Grayscale. The regulator’s decision not to appeal a court ruling surprised many in the crypto industry, but this does not mean that the SEC is likely to give up opposing the ETF matter.
Gensler was also very careful not to offer too many hints regarding whether the agency would approve even a single filing or if it would approve multiple at once, as part of a group, if the approval comes in the first place.
SEC delays are a part of a ‘time-tested process’
Last month, the regulator delayed the decision by instituting additional proceedings, which only pushed the deadlines for making decisions on each individual filing to 2024. The regulator was satisfied with pushing the deadline even by a single month, but whenever it could, it pushed the deadline as far as it could.
Gensler explained that this is a big task for the SEC by saying: “What we have in front of us, just so that the viewing public understands, we have not one, but multiple, I think it’s eight or ten filings that the staff, and ultimately the Commission, is considering.” He further added that this is the work of the Division of Corporation Finance, which gives feedback. Then, the Division of Trading and Markets also needs to review the filings. “This is a time tested process that goes back decades. The staff of the SEC, it’s called the Disclosure Review Team, but in that group, they respond and give feedback to potential issuers,” he noted.
