According to SEC Chairman Gary Gensler, the US Securities and Exchange Commission (SEC) is currently reviewing 8-10 spot Bitcoin ETF applications. This has fueled speculation that the regulator may soon approve the first Bitcoin ETF in the country’s history.
Gary Gensler talked about Bitcoin ETF
The race for the first Bitcoin ETF in the United States is gaining momentum. SEC Chairman Gary Gensler confirmed that the commission is reviewing 8-10 applications for a spot Bitcoin ETF. These statements point to potential market development. Moreover, it came amidst an impressive Bitcoin rally, raising stakeholders’ expectations. Gary Gensler’s comments further increased the curiosity in the market. Speaking to Bloomberg, the SEC Chairman emphasized that the commission specifically examined various applications. He also highlighted the regulator’s comprehensive review approach, highlighting the thorough assessment staff gave to these applications.
cryptokoin.comAs you follow from , Gensler is known for his critical stance on crypto assets. However, Gensler maintained an objective tone regarding the process. Given these developments, discussions in the industry regarding a possible Bitcoin ETF approval have intensified. All in all, this admission from the SEC chairman marks a significant shift in the regulatory environment for crypto assets.
Bitcoin and the market react positively to the developments
The Bitcoin market immediately responded with a significant rally. Investors and market analysts directly attribute this positive rise to ongoing speculation about upcoming ETF approvals. This market optimism reflects the widespread belief that approval is not only possible but imminent.
This development could significantly mark a historic moment in the cryptocurrency industry. The launch of a Bitcoin ETF product is expected to offer mainstream investors a more accessible way to enter crypto assets and potentially herald increased market stability.
SEC blames BlackRock in settlement case
On the other hand, the SEC’s regulatory scope has expanded beyond crypto assets. The commission recently indicted BlackRock for misrepresentations regarding its entertainment industry investments. Blackrock is a company that is on the market’s radar due to its spot Bitcoin ETF application. The allegation, meanwhile, centers on reporting inconsistencies linked to Aviron Group. Ultimately, a cease and desist order was issued against the asset giant. Although BlackRock did not admit to the allegations, it accepted a $2.5 million penalty. Thus, he reached a settlement with the SEC. This case serves as a reminder of the SEC’s active role in ensuring compliance across various investment avenues.
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