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Gary Gensler Wants to Approve Spot Bitcoin ETF

The head of the US Securities and Exchange Commission (SEC) Gary Gensler told friends and advisers that he wants to approve one or more spot Bitcoin ETFs from major funds. About it reported sources.

Insiders claim that the approval of spot Bitcoin ETFs will help Gensler “gracefully emerge from the current situation.” Moreover, he hopes to get a job at one of the large funds after leaving the SEC.

“An SEC insider reported that Gary Gensler has told friends and advisers that he would like to gracefully exit his ‘personal Vietnam’ by approving one or more spot Bitcoin ETFs from major fund houses, where he hopes to get a job after leaving the agency,” – say sources.

Which Bitcoin ETFs can the SEC approve?

The SEC is currently reviewing several applications for Bitcoin exchange-traded funds (BTC), including from Grayscale Investments. In a recent interview Bloomberg Gensler said the SEC is examining different types of Bitcoin ETFs, such as those containing BTC futures contracts or physical BTC, and assessing their compliance with federal securities laws.

Gensler also noted that he is more open to approving BTC futures ETFs than BTC spot ETFs, as the former are regulated by the Commodity Futures Trading Commission (CFTC) and have more investor protections.

The SEC again postponed consideration of applications

However, in early September, the regulator said it needed a “longer period” to evaluate several applications for a spot Bitcoin ETF, including applications from investment giant BlackRock, Wisdom Tree Funds, Invesco, Valkyrie Funds, Fidelity and VanEck.

The SEC says it will take at least 45 days to decide whether to approve or reject the applications. To date, no application has received regulatory approval.

Source: Cryptocurrency

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