- “This is a field that is rife with bad actors and rife with fraud and manipulation and money laundering,” SEC Chair Gary Gensler said on Wednesday, without specifically addressing questions about applications for spot bitcoin ETFs.
SEC Chair Gary Gensler has not made any determinations Regarding spot Bitcoin ETF. He claims to be “carefully considering” each application.
When asked if the sector would see any action regarding the future of a spot bitcoin ETF in the upcoming months, Securities and Exchange Commission (SEC) chair Gary Gensler indicated he would not prejudge the topic.
On Wednesday, Gensler gave a speech at a conference held by the Healthy Markets Association. He said that the review procedure used by the SEC is a “time-tested process.”
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
When asked if he was hopeful about the possibilities for a spot bitcoin ETF, Gensler responded, “I’m not going to prejudge any particular application.” “We’ve received a number of filings, and we will keep carefully reviewing them.”
There are multiple applications for a spot bitcoin exchange-traded fund that are awaiting approval from the SEC. In the past, Gensler has expressed his concerns regarding market volatility and the possibility of manipulation in spot bitcoin ETFs.
On these spot bitcoin ETF applications, we’ve been collaborating extremely closely with the exchanges and the sponsors, according to Gensler. “We’re working with them on a number of issues, and we’re making progress.”
When he anticipates the SEC will rule on any of the outstanding spot bitcoin ETF applications, Gensler remained silent. He did, however, state that he is dedicated to offering an impartial and open procedure.