The crypto industry is anxiously waiting for the Securities and Exchange Commission (SEC) to rule on the Bitcoin ETF applications it has received. The latest data from this case suggests that stakeholders will still need to be patient. The SEC is not ready to comment on the subject. Gary Gensler, the institution’s president, explained why.
The SEC, engaged in the analysis of Bitcoin ETF applications
SEC Chairman Gary Gensler recently shed light on the progress of the highly anticipated approval process for a Bitcoin ETF. In a recent interviewthe manager acknowledged that the institution’s staff is indeed actively engaged in evaluating multiple requests.
The Chairman of the SEC indicated that approximately 8 Bitcoin ETF applications are currently undergoing this in-depth analysis. In particular, he recalled, because these are not ordinary requests.
According to the boss, various divisions of the SEC are involved in the meticulous examination of these requests. These include the Corporate Finance Division and the Trade and Markets Division.
Their contribution is not by chance. In reality, Gensler says, this is because it is fundamentally a proven process with multiple levels of review.
Approval of a Bitcoin ETF will still have to wait
During this recent media outing, the head of the American financial regulator was evasive regarding the possibility of the possible approval of a Bitcoin ETF. In fact, the SEC has not set a definitive timetable for deciding on these requests.
The head of the SEC also did not confirm whether it would approve a particular request before the others or whether it would opt for a more general approval. This then leaves the financial community as a whole waiting.
Asset management companies like BlackRock, Invesco, Valkyrie and Fidelity, among others, will therefore have to be patient. This is in keeping with the SEC’s commitment to ensuring that any approved financial product is strictly legal.
Hearing a new episode of this hot issue in the crypto ecosystem, a reminder of the issue surrounding Bitcoin ETFs is useful. Indeed, many experts agree that if approved, sustained adoption of bitcoin (BTC) among institutional investors should be considered. A prospect which could impact the price of the asset which is currently trading around $28,370.
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