Gary Gensler, Chairman of the U.S. Securities and Exchange Commission (SEC), stated on Thursday (14th) that the SEC’s reconsideration of the application for a Bitcoin spot ETF takes into account recent court rulings.
According to previous reports by Zombit, Grayscale has been in a legal battle with the SEC to convert its Bitcoin trust fund GBTC into a spot ETF. It wasn’t until a court ruled in August that the SEC must re-examine Grayscale’s application for a Bitcoin spot ETF that there was substantial progress. The SEC is currently considering dozens of applications from large asset management companies such as BlackRock and Fidelity.
In an interview with CNBC, Gensler said, “All of the SEC’s actions are in accordance with laws passed by Congress and the courts’ interpretations of these laws, but he also reiterated his view that the cryptocurrency industry has many practices that do not comply with existing securities laws.”