Gary Gensler: SEC changes its position on spot Bitcoin ETFs

Gary Gensler, the Chairman of the SEC, recently commented on the agency's policy regarding spot Bitcoin ETFs. He stated that the regulator changed its course after certain court decisions, although he did not specify which cases he was referring to.

In 2023, the SEC faced two significant defeats in court cases against cryptocurrency companies. The first case involved #Ripple Labs, where the court ruled that the retail sale of #XRP did not violate securities laws. The second case was a victory for #Grayscale Investments, which successfully had its application for converting the GBTC trust into a spot Bitcoin ETF reconsidered.

It is worth noting that in late November 2023, Chairman #Gensler confirmed the notion that Bitcoin is considered a commodity. He also commented on the situation regarding applications for spot exchange-traded funds (#ETFs) based on Bitcoin, stating that the regulator does not want to rush to judgment.

In addition to spot Bitcoin ETFs, Chairman Gensler also expressed his views on the industry as a whole. He once again referred to it as a "haven for fraudsters." According to him, there are numerous violations in the industry, not only related to the trading of securities but also in combating money laundering.

Chairman Gensler's comments shed light on the #SEC's evolving stance on spot Bitcoin ETFs and its efforts to regulate the cryptocurrency industry more effectively. The court decisions mentioned have played a role in shaping the agency's policy, highlighting the need for careful consideration and examination of applications in this rapidly evolving space. Crypto and Blockchain community members hope for a more favorable environment for the development and regulation of the cryptocurrency industry in the #USA.