[NEWS] SEC Chairman Gensler says he is "working on" Bitcoin spot ETF application

On the 18th, SEC Chairman Gary Gensler said, "Our staff is currently working on multiple applications" when asked about the review of Bitcoin (BTC) spot ETFs.

This was mentioned in an interview with Bloomberg. When asked about the status of the multiple Bitcoin spot ETF applications being reviewed by the SEC, he said, "I would prefer not to comment," and did not disclose details, but said that his staff is continuing to review them.

He said that the disclosure team is working on the process, and that he "does not intend to make any pre-judgments," and continued, "Our staff is currently working on multiple applications."

Regarding the review of Bitcoin spot ETFs that multiple companies have applied for, the SEC said, "We are reviewing applications from eight to ten companies," and that these processes require procedures similar to a stock IPO and usually take about 12 to 15 months.

Gensler also said, "We are an organization that protects individual and institutional investors, and we need to thoroughly consider risks. What I want the viewers (watching the interview) to understand is that we have not one ETF in front of us, but multiple ETFs," indicating that it would be difficult to make a decision early.

He also said, "If an asset management company launches any product, the products traded on these exchanges must be registered with the SEC," emphasizing that a Bitcoin spot ETF must be registered with the SEC just like stocks, and that it must be considered in line with the process that has been in place for over a decade.

Gensler also said he would "refrain from commenting" on the decision not to appeal the court's decision in the lawsuit against Grayscale, a major cryptocurrency management company.

Several companies have applied for a Bitcoin spot ETF, but he declined to comment on whether multiple companies would receive approval at the same time or whether one company would be approved first.

Last month, the SEC extended the review period to decide whether to approve Bitcoin spot ETFs applied for by major asset management companies such as BlackRock, Invesco, and Valkyrie.

The price of Bitcoin soared after a false report by the US cryptocurrency media Cointelegraph that BlackRock had received regulatory approval for a Bitcoin spot ETF. This once again demonstrated the influence that Bitcoin spot ETFs have on the market.

Source:Bloomberg
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