Securities and Exchange Commission (SEC) Chairman Gary Gensler did not provide any information regarding the status of spot Bitcoin ETF applications during an interview with Bloomberg. The SEC recently lost a court case against Grayscale, which led to judges criticizing the SEC's denial of Grayscale Bitcoin Trust's conversion into a spot Bitcoin ETF. The SEC has not appealed the ruling, leaving few options besides approving the product. Gensler stated that the SEC staff is currently working on multiple filings related to Bitcoin ETFs. In addition to Grayscale, the SEC is handling applications from 12 other asset managers. The SEC has delayed approvals for all relevant applications and has requested feedback on the applications' ability to address manipulation and other risks. The agency is also communicating directly with applicants to address concerns and risks. Firms such as Fidelity, BlackRock, and Ark Invest have updated their original filings with additional details, including information about Bitcoin's energy usage and custody arrangements. Galaxy Digital CEO Mike Novogratz predicts that a spot Bitcoin ETF will be approved by the end of 2023.
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