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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In August, ARK CEO Cathie Wood stated in her announcement that “I think if the SEC decides to approve a Bitcoin ETF, it may tend to approve multiple ETFs at the same time.”

The SEC has not approved any applications so far, and they rejected several Bitcoin ETF applications in the past weeks. Besides, it continues to review a series of spot Bitcoin ETF applications, including leading companies such as BlackRock, Fidelity, VanEck, and Invesco. ARK 21Shares Bitcoin ETF was a pioneer in this group.

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On the other hand, Grayscale Investments won its spot Bitcoin ETF lawsuit against the SEC. This means that the SEC should reconsider its spot Bitcoin ETF proposal, but does not finalize its approval. In this case, closer scrutiny of the SEC’s cryptocurrency regulations and ETF approval processes is expected.

The case won by Grayscale Investments against the SEC may require further discussion and review of regulations and ETF approval processes. Therefore, we are likely to see more progress and change in cryptocurrency and ETFs in the future.

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