Gary Gensler Says SEC is ‘Doing Work’ on Bitcoin ETF Filings

The US Securities and Exchange Commission (SEC) is diligently conducting their evaluations of the host of Spot Bitcoin ETF filing applications received, according to its Chairman, Gary Gensler. Without pre-judging the outcomes, Gensler shared his belief that at some point during 2023, the SEC will have approved the first Bitcoin ETF in the United States. Despite challenges, Gensler refrained from delving too deeply into last month’s legal ruling that required a review and potentially negated the agency’s decision against Grayscale’s request.

It’s within the subject of digital asset industry, where multiple companies have vied over winding an exchange-traded fund to enable users to partake in Bitcoin spot activities. To properly assess their objectives, the SEC has initiated an evaluation route followed by organization standing to “go public,” which entails coming up with an IPO-style carrier registration for a company that would justify of proposed products beyond reasonable question.

In this regard, the Divison of Trading and Markets and of Corporation Finance have teamed up to code each application, with approval decided on relation: disclosures given by each applicant are reviewed by the Disclosure Review Team in adopting a “time-tested process dating back to centuries of our existence.”