“Bitcoin ETF approval under review: A potential game-changer for mainstream adoption of cryptocurrencies or a risky venture for traditional investors?”
The U.S. Securities and Exchange Commission (SEC) is currently reviewing 8-10 spot bitcoin exchange-traded fund (ETF) applications, according to SEC Chairman Gary Gensler. This news has sparked speculation that the regulatory agency may soon approve the first Bitcoin ETF in the country’s history.
Gensler confirmed the number of Bitcoin ETF filings before the SEC during public comments this month. He stated in an interview with Bloomberg, “What we have in front of us, just so that the viewing public understands, we have not one, but multiple; I think it’s eight or ten filings that the staff, and ultimately the commission, is considering.”
The relationship between Gensler and the digital asset industry has been complex, with the SEC chief recently making a stern remark about crypto during a speaking engagement. However, his confirmation that several spot bitcoin ETF applications are under review by SEC staff has raised hopes of imminent approval.
Big asset management firms like BlackRock and Fidelity have applied for spot bitcoin ETFs this year, adding to the anticipation of approval. Many experts predict that the SEC will grant approval by the end of 2023.
The growing speculation of regulatory approval has also led to a strong rally in the price of Bitcoin this week. Gensler reiterated on Thursday that the review process is still ongoing for the numerous filings received. As Bitcoin continues its upward momentum, the industry is eagerly awaiting the SEC’s historic decision on spot bitcoin ETF approval.