{"id":77293,"date":"2023-10-26T23:25:41","date_gmt":"2023-10-27T03:25:41","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/crypto\/sec-chair-gensler-keeps-quiet-on-bitcoin-etf-plans-after-grayscale-ruling-heres-the-latest\/"},"modified":"2023-10-26T23:25:47","modified_gmt":"2023-10-27T03:25:47","slug":"sec-chair-gensler-keeps-quiet-on-bitcoin-etf-plans-after-grayscale-ruling-heres-the-latest","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=77293","title":{"rendered":"SEC Chair Gensler Keeps Quiet on Bitcoin ETF Plans After Grayscale Ruling \u2013 Here&#8217;s the Latest"},"content":{"rendered":"<div>\n<figure id=\"attachment_121393\" aria-describedby=\"caption-attachment-121393\" style=\"width: 1359px\" class=\"wp-caption aligncenter\"><noscript><\/noscript><figcaption id=\"caption-attachment-121393\" class=\"wp-caption-text\">SEC chair Gary Gensler. Source: A video screenshot, YouTube \/ SEC<\/figcaption><\/figure>\n<p>Despite tremendous pressure to approve a spot Bitcoin ETF for trading on public markets, Securities and Exchange Commission (SEC) chairman Gary Gensler refuses to discuss his agency\u2019s next steps.<\/p>\n<p>On Monday, the SEC received an order from the Court of Appeals to review Grayscale\u2019s Bitcoin ETF application. The company owns the world\u2019s largest Bitcoin fund, which it plans to convert into a spot ETF as early as it can.<\/p>\n<p>\u201cThose are things that are in front of staff,\u201d Gensler said at a Securities Enforcement Forum event in Washington, according to CoinDesk. While waiting for SEC staff to make recommendations to him and the commission, he said he would \u201clet that play out\u201d and not prejudge the situation.<\/p>\n<p>Gensler didn\u2019t give a clear answer when asked about the order in which the SEC might handle similar applications.<\/p>\n<p>Right now, the agency has roughly a dozen near-identical spot Bitcoin ETF applications in review, all from big-name fund managers such as BlackRock, Fidelity, Franklin Templeton, and others.<\/p>\n<p>Grayscale officially re-entered that mix with Monday\u2019s court order, which followed its legal victory over the SEC in August, and the agency\u2019s refusal to appeal the case.<\/p>\n<p>The victory has bolstered market confidence that a spot ETF approval may indeed happen. Grayscale\u2019s GBTC share discount has narrowed to 14%, while Bitcoin\u2019s price reached a yearly high of $35,000 this week.<\/p>\n<p>The SEC is also juggling an ongoing case against Ripple for its institutional sales of XRP, wishing to make the company pay a $770 million fine for its unregistered securities sale of XRP. Earlier this month, the SEC dropped similar charges against Ripple\u2019s co-founders.<\/p>\n<p>The SEC is also continuing lawsuit against crypto exchanges Coinbase and Binance for alleged securities law violations.<\/p>\n<p>\u201cI\u2019m going to let each of these crypto exchange cases speak for themselves, and they\u2019re in front of jurists,\u201d he said. \u201cThey\u2019ll play themselves out where they play themselves out.\u201d<\/p>\n<p>Gensler appeared at the event to deliver a speech about SEC enforcement, which was riddled with criticisms about the crypto industry that he said is \u201crife with non-compliance.\u201d<\/p>\n<p>\u201cWe have a $110 trillion capital market,\u201d he said during the question period. \u201cCrypto worldwide might be a trillion, but in the U.S. is less. So just by that, it\u2019s well less than one percent of U.S. capital markets.\u201d<\/p>\n<div class=\"newsletter home-newsletter single\">\n<div class=\"left-side\">\n<p>\n        <em><br \/>\n            Enter your email for our Free Daily Newsletter        <\/em>\n    <\/p>\n<p> A quick 3min read about today&#8217;s crypto news!<\/p>\n<p>    <span class=\"response-msg\" id=\"newsletter-response\"><\/span>\n<\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>Read the full article <a href=\"https:\/\/cryptonews.com\/news\/sec-chair-gensler-keeps-quiet-on-bitcoin-etf-plans-after-grayscale-ruling-heres-the-latest.htm\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SEC chair Gary Gensler. Source: A video screenshot, YouTube \/ SEC Despite tremendous pressure to approve a spot Bitcoin ETF for trading on public markets, Securities and Exchange Commission (SEC) chairman Gary Gensler refuses to discuss his agency\u2019s next steps. On Monday, the SEC received an order from the Court of Appeals to review Grayscale\u2019s [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":77294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[243],"tags":[83],"class_list":["post-77293","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto","tag-featured"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>SEC Chair Gensler Keeps Quiet on Bitcoin ETF Plans After Grayscale Ruling \u2013 Here&#039;s the Latest | iFintechWorld<\/title>\n<meta name=\"description\" content=\"SEC chair Gary Gensler. 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