During a recent interview with CNBC, the U.S. Securities and Exchange Commission (SEC) Chair, Gary Gensler, suggested a possible change in the SEC's stance on spot Bitcoin exchange-traded funds (ETFs).
In the CNBC interview, Gary Gensler revealed that the SEC is currently reassessing its strategy regarding applications for spot Bitcoin ETFs. "And as you might know, we had in the past denied a number of these applications, but the courts here in the District of Columbia weighed in on that," said Gensler. "And so we're taking a new look at this based upon those court rulings."
A spot Bitcoin ETF stands apart from its futures-based counterpart by offering investors a direct pathway to Bitcoin without relying on futures contracts. This distinction has the potential to make BTC more accessible to traditional investors seeking exposure.
Historically, the SEC has held a cautious stance regarding the approval of spot Bitcoin ETFs, citing worries about market manipulation, investor protection, and regulatory compliance. Gensler's acknowledgment of the SEC's ongoing reassessment indicates a willingness to explore and potentially endorse the approval of a spot Bitcoin ETF, signaling a potential shift in the regulatory landscape.
However, the SEC has not disclosed specific details regarding the timeline or criteria for the approval of spot Bitcoin ETFs as they continue their diligent review process. Bloomberg ETF analyst James Seyffart mentioned in early December that the next possible window for ETF approvals falls between January 5-10, 2024.
"Really this means that any potential approval orders are going to come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10," Seyffart explained further. "Mark your calendars people."
With the SEC reevaluating its position, the Bitcoin industry eagerly anticipates updates on the potential approval of spot Bitcoin ETFs, as this could have a substantial impact on broader adoption and acceptance of BTC among both institutional and retail investors.
Luxury brands and businesses like Printemps, S.T. Dupont, and Virgin Voyages are now accepting Bitcoin as payment, driven by its record value of over $108,000. This shift highlights growing interest in cryptocurrency for high-end purchases despite challenges like consumer education and regulatory barriers.
WeatherlyMicrosoft shareholders overwhelmingly rejected a proposal to add Bitcoin to the company's balance sheet, with only 0.55% in support. The board expressed concerns about Bitcoin's volatility, despite acknowledging its potential as an inflation hedge.
WeatherlyEl Salvador and Argentina have signed an agreement to collaborate on cryptocurrency regulation and innovation in Latin America. The deal aims to share expertise, boost crypto growth, and strengthen the regulatory framework for digital assets in both countries.
AnaisFormer Binance CEO Changpeng “CZ” Zhao Predicts China could beat the United States of America at building a Strategic Bitcoin Reserve.
XingChiBinance has not yet decided on its new global headquarters due to complexities like tax laws and talent acquisition challenges. Legal troubles, including Changpeng Zhao's legal issues and a $4.3 billion fine, have led Binance to restructure its leadership and adopt better governance strategies.
WeatherlyBilly Markus, the founder of Dogecoin, recently shared regret about selling 37.37 bitcoins in 2015 for $424,152.54 — a decision that would now be worth over $368 million. Despite stepping away from Dogecoin in 2015, Markus reflects on its impact as a cultural icon while highlighting its true value lies in its community and shared ideals, not just market performance.
WeatherlyBitcoin has reached a new all-time high, surpassing $100,000, while CZ remains unaffected by the surge, holding onto the same amount of Bitcoin. Binance Coin (BNB) also hit a record high, but CZ’s focus remains on Bitcoin’s long-term value rather than its fluctuating price.
WeatherlyMeitu sold its entire crypto portfolio, making nearly $80 million just before bitcoin’s surge above $100,000. The company plans to distribute 80% of the gains to shareholders and refocus on its AI-driven apps.
AnaisBitcoin surpassed $100,000 on 5 December, driven by growing optimism following Trump’s pro-crypto appointments, including Paul Atkins for SEC Chair. This milestone signals investor confidence in a crypto-friendly future under Trump’s upcoming administration, which takes office on 20 January 2025.
JoyBitcoin hit a new all-time high today, surpassing $103,000, driven by strong market sentiment, especially after Donald Trump’s election victory. The cryptocurrency has surged 126% since the start of 2024. Could 2025 be an even stronger year for Bitcoin?
KikyoSEC Chair Gary Gensler has garnered attention for his notably cautious yet controversial approach to crypto, along with spearheading an assertive enforcement campaign targeting prominent companies within the crypto sector.
KikyoThe SEC vs. Ripple ruling rejects the SEC's broad classification of crypto assets as securities, only when sold as part of investment contracts.
BeincryptoOn Monday morning, journalists reached out to the SEC for clarification, only to discover that the news was indeed fake.
Coinlive Binance argued in February, and again earlier this month, that SEC Chairman Gary Gensler should recuse himself from the SEC lawsuit against the exchange. It claimed that his previous interactions with the exchange’s CEO Changpeng Zhao justify his recusal.
TheBlockCoinlive SEC Chief Gary Gensler has placed primary blame on crypto firms for the recent failure of several major banks in the United States.
OthersBinance responds to WSJ report: CZ urges Twitter followers to ignore 'Fake News', FUD and attacks from the media.
CryptoSlateAn errant Google Forms account and an early trading launch were among the missteps that concerned team members at Binance.
decryptHickenlooper noted in a letter the current lack of a coordinated regulatory framework leads "uneven enforcement."
OthersSEC chairman Gary Gensler has reportedly proposed a one rule book approach to regulate all crypto asset trading. Gary Gensler ...
Bitcoinist