During his statement to CNBC on December 14th, Gensler addressed a question about the pending spot Bitcoin exchange-traded fund (ETF) applications amongst the “eight to a dozen applications” SEC is currently reviewing.

Although Gensler acknowledged past rejected applications, he disclosed that court decisions have shaped this issue, leading the institution to adopt a new perspective on Bitcoin. “We are bringing this new perspective to the topic, based on court decisions.” he expressed.

When news presenter Sara Eisen asked about Grayscale’s position, Gensler emphasized that the SEC’s stance is based on laws enacted by Congress and influenced by court interpretations. He also did not hesitate to remind that a federal judge overturned the decision to reject SEC’s supply of a Bitcoin trust through Grayscale Investments’ ETF in August.

Many leading asset managers like BlackRock, Fidelity, Grayscale, Invesco, Galaxy, VanEck and Valkyrie are currently participating in the race to launch spot Bitcoin ETFs. Currently, authorities have postponed all applications, but some analysts predict a collective approval likely to happen in early 2024.

These asset managers aim to attract a larger investor base to the cryptocurrency market through spot Bitcoin ETFs. The competition of all major players could lead to an increase in institutional interest in crypto assets if such a product is approved. However, the decisions and processes of regulators will play a critical role in determining the outcomes of this race.

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So What’s The Latest Situation in Bitcoin Spot ETF Application?

SEC, Delayed Two Bitcoin ETF Decisions Again!

HashDex applied to convert its Bitcoin futures ETF to a HashDex Spot Bitcoin ETF in September 2023,

After reports in the media suggesting that the SEC may not have examined the initial paperwork thoroughly, Fidelity reapplied for Wise Origin Bitcoin Trust at the end of June.

BlackRock applied for the iShares Bitcoin Trust in June 2023. If approved, this trust will trade on Nasdaq with Coinbase Custody as the crypto custodian and BNY Mellon as the cash custodian.

Grayscale Investments is in the process of converting its spot Grayscale Bitcoin Trust (GBTC.PK) to an ETF. Last August, a federal appeals court decided that the SEC’s rejection of Grayscale’s application to form a spot BTC exchange traded fund was incorrect.

Ark Invest and 21Shares resubmitted the documents for their ARK 21Shares Bitcoin ETF. After the regulator refused the initial prospectus for not meeting fraud and market manipulation prevention requirements on 28 June.

After two previous rejections, WisdomTree submitted a new approval application for the WisdomTree Bitcoin Trust on 20 June.

Valkyrie Digital Assets applied to the SEC to launch the Valkyrie Bitcoin Fund under the acronym BRRR on 21 June.

Invesco and Galaxy Digital reactivated their application for Invesco Galaxy Bitcoin ETF, which they applied for in September 2021.

Finally, Swiss asset management company Pando Asset joined the growing list of companies applying for a Bitcoin Spot ETF.

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In an interview, Novogratz stated, “They will approve it. We think it’s going to happen this year, in 2023.”

The approval of a spot Bitcoin ETF has gained momentum, especially after Grayscale Investments won the case in August when three judges at the U.S. Appeals Court decided that the SEC needed to reconsider its proposal. It is not expected that the SEC will appeal this decision, but it has not yet confirmed.

During the interview, the reporter asked Novogratz to explain why his argument made sense and wasn’t just wishful thinking. Novogratz referred to the recent court decision, saying, “The SEC lost in court… The judge said, ‘What are you saying, SEC? You have a futures ETF, and you’re saying you can’t have a cash ETF. It makes intellectually no sense.’ That’s a big setback for the SEC.”

If the CEO proves to be correct, it will certainly benefit his company, which has partnered with Invesco on the spot Bitcoin ETF application.

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Pressure is Mounting

Last month, lawmakers urged SEC Chairman Gary Gensler to approve the spot Bitcoin ETF, arguing that it would make access to Bitcoin more transparent and secure, thereby enhancing investor protection. Novogratz said, “The American people want this. The world’s largest asset manager, BlackRock, is telling the public, ‘We are going to get this done.”

However, SEC Chairman Gary Gensler stated in his remarks that there is no definite decision yet, and the spot Bitcoin ETF is still under review.

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Large companies like Grayscale, Fidelity, BlackRock, and Invesco are awaiting approval or denial for their Bitcoin ETF application processes by the SEC. Some analysts believe that large institutions will strongly invest in Bitcoin when such approval comes.

SEC, has had a quite cautious attitude toward these types of applications for a long time. SEC Chair Gary Gensler, had given hints in a recent hearing about how the commission would interpret the decision of the U.S. Court of Appeals.

Potential Turning Point for Bitcoin ETFs

There was a noteworthy development in August, where the D.C. Circuit’s U.S. Court of Appeals had characterized the SEC’s arbitrary rejection of Grayscale’s offer.

This position, which is quite important for Bitcoin ETFs and investors, could be a crucial turning point for the approval of future cryptocurrency ETFs. During this process, market players and investors are trying to assess the impacts on the markets by closely monitoring the SEC’s attitude.

Of course, theoretically, the SEC could reject Grayscale’s application for various reasons, but it remains uncertain how long it would take for the SEC to make such a decision.

Grayscale, optimistically, emphasizes that they are ready to act quickly if the court makes a positive decision and will move into action as soon as they catch a positive situation to turn GBTC into an ETF.

If the Bitcoin ETF applications from large companies like Grayscale, Fidelity, BlackRock, and Invesco are accepted, a new environment for Bitcoin will be created, and investors’ trust issue will be partly eliminated. Investors and market analysts are trying to get more information about the future of the cryptocurrency market by closely monitoring these developments.

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