SEC Chairman Gensler confirms new perspective on Bitcoin ETF decisions

The Chairman of the U.S. Securities and Exchange Commission (SEC) Gary Gensler explained the SEC’s new approach to Bitcoin ETF (exchange-traded funds) applications, acknowledging the influence of recent court decisions.

In an interview with CNBC, Gensler explained the SEC’s new approach, which was influenced by court rulings that required the regulator to reverse its previous denials to reconsider the applications and reassess their stance on Bitcoin ETFs.

“I think it’s between eight and a dozen applications,” Gensler said. “I am chairman of a commission. I can’t anticipate anything. So the process is currently underway.”

“As you may know, we have denied some of these motions in the past, but the courts here in the District of Columbia have weighed in on them,” Gensler said. “Based on these court decisions, we are taking a fresh look at the matter.

When Gensler referred to the Grayscale case, he was asked if he objected to the price decisions.

“We at the Securities and Exchange Commission do everything within the framework of the laws that Congress has passed and how the courts have interpreted them,” Gensler said. “But I would say this about the crypto space. Viewers should be aware that there are a lot of violations in this area.

SEC meets with Bitcoin ETF issuers, postpones applications

In recent weeks, the SEC has met with major Bitcoin ETF issuers, including BlackRock, Fidelity, Grayscale and Franklin. According to James Seyffart, ETF analyst at Bloomberg Intelligence, the signal from the frequent talks could increase hopes for an early approval.

Meanwhile, the SEC has again postponed its decision on the Ethereum ETF applications submitted by Invesco and Galaxy Digital . Seyffart suggests that the SEC may consider approving multiple applications simultaneously to ensure a level playing field for competitors.

Bitcoin and crypto will thrive even after Bitcoin ETF rejection: Matrixport

According to the latest report from Matrixport, a crypto financial services platform, Bitcoin and the crypto market in general will continue to thrive in 2024 even if the SEC rejects Bitcoin ETFs.

“We will likely see higher crypto prices in 2024. Crypto investors should monitor the Bitcoin dominance chart daily as a falling indicator could be a sign that an altcoin rally is imminent,” the report said.

In addition, the report argues that the possible return of former US President Donald Trump could also benefit the crypto market.

“2024 is also an election year, and the likelihood that former President Donald Trump will be re-elected is high,” the report said. “His policies could boost the US economy and thus US stock prices and cryptocurrencies.