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 cryptocurrencies likely fall under the investment contract test, making them subject to securities laws. Despite approving several ETFs tied to bitcoin futures contracts, the SEC has not yet approved a spot bitcoin ETF. Gensler stated that the decision on bitcoin ETFs will potentially come to the five-member commission, but he did not provide a specific timeline for the reviews. Public records indicate that there are currently 12 spot bitcoin ETF applications awaiting SEC review, including Grayscale’s application to convert its bitcoin trust into a spot bitcoin ETF. Other applicants include prominent asset managers such as ARK Investment Management, Blackrock, Bitwise, Wisdomtree, Fidelity, Vaneck, and Invesco. The SEC has postponed decision-making on spot bitcoin ETFs, with some applications scheduled for review in the first and second quarters of next year. The recent speculation of Blackrock’s potential bitcoin ETF launch, along with a court order for the SEC to reevaluate Grayscale Investments’ application, has fueled expectations that the SEC may approve multiple spot bitcoin ETFs simultaneously. Gensler emphasized that most cryptocurrencies likely fall under the investment contract test, making them subject to securities laws.
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