“Involved in recent court decisions”

U.S. SEC Chairman Gensler said on CNBC on Thursday that the SEC is conducting a “new review” of its application to list a physical Bitcoin ETF in light of recent court decisions. The outcome of the Grayscale trial seems to have had an impact.

The chairman did not directly mention the ruling, but said, “We have denied many applications in the past, and the courts in the District of Columbia have intervened.”

Regarding Grayscale, the SEC ruled in August to reexamine Grayscale’s application in a court case to convert the mutual fund GBTC into a physical Bitcoin ETF. After the ruling, Grayscale held multiple discussions with the SEC regarding the conversion application.

Recently, Grayscale published a blog titled “What will happen if GBTC is listed as an ETF on the NYSE Arca” and states that “Approval of listing a Bitcoin spot ETF is only a matter of time.”

In addition to Bitcoin ETF, Grayscale is also applying for Ethereum ETF.

connection: Grayscale explains the conversion of “GBTC” to Bitcoin ETF on blog

In addition to Grayscale, other applicant companies such as BlackRock and Fidelity are also meeting with the SEC one after another in an effort to increase the probability of approval for Bitcoin ETFs.

connection: New developments in BlackRock Bitcoin ETF

Chairman’s concerns

On the other hand, the chairman reiterated the view that there are many violations of compliance with existing securities laws in the virtual currency industry.

“There are far too many scams and malicious operators in the virtual currency field,” he said, adding, “Not only securities and exchange laws, but also other laws designed to prevent money laundering and protect the public from malicious operators are not being complied with. ” he criticized.

The committee chairman has long held the view that most virtual currencies fall under the category of unregistered securities.

connection: SEC Chairman warns virtual currency companies on 15th anniversary of Bitcoin white paper release

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