The U.S. Securities and Exchange Commission (SEC) is currently reviewing between eight and 10 applications for bitcoin exchange-traded funds (ETFs), according to SEC Chairman Gary Gensler. Gensler emphasized that most crypto assets likely fall under the investment contract test, subjecting them to securities laws. While the SEC has approved ETFs linked to bitcoin futures contracts, it has yet to approve any spot bitcoin ETFs. Gensler stated that the decisions on these applications will potentially go to the five-member commission, but he couldn’t provide a timeline for when those decisions will be made.
There are 12 spot bitcoin ETF applications pending review at the SEC, based on public records. Some of the applicants include Grayscale’s application to convert its bitcoin trust into a spot bitcoin ETF, ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. The SEC has delayed decisions on all spot bitcoin ETFs, with eight applications having a review date in the first quarter of next year, and three having a review date in the second quarter. The speculation that Blackrock is close to launching its bitcoin ETF, along with the U.S. Court of Appeals ordering the SEC to reconsider Grayscale Investments’ application earlier this week, has boosted the price of bitcoin. Analysts are anticipating that the SEC may approve multiple spot bitcoin ETFs simultaneously.
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