The U.S. Securities and Exchange Commission (SEC) is currently reviewing 8 to 10 applications for spot Bitcoin exchange-traded funds (ETFs), according to SEC Chairman Gary Gensler. This has fueled speculation that the regulatory agency may soon approve the first Bitcoin ETF in the country’s history.
Gensler confirmed number of Bitcoin ETFs filings with the SEC during public comment this month. “What we have in front of us, just so the public understands, we have not one, but several; I think the staff, and ultimately the commission, are looking at eight or ten cases,” he said in an interview with Bloomberg.
The head of the SEC has had a complex relationship with the digital assets industry, recently making a stern “don’t get me started on crypto” remark during a speech at the Securities Enforcement Forum 2023.
However, its confirmation that numerous spot Bitcoin ETF applications are currently under review by SEC staff has boosted hopes that approval could be imminent.
Large asset management firms such as BlackRock and Fidelity have thrown their hat into the ring by applying for spot Bitcoin ETFs this year. The potential approval of such an ETF has been a dominant topic of discussion in digital asset circles. Many now predict that the SEC will grant approval by the end of 2023.
Bitcoin itself has rebounded sharply this week amid growing speculation over regulatory approval. Gensler reiterated Thursday that the review process is still ongoing for the multitude of applications received. As Bitcoin continues its upward momentum, the industry will closely monitor the SEC’s landmark decision regarding the one-time approval of Bitcoin ETFs.