According to Blockworks, US Securities and Exchange Commission (SEC) Chair Gary Gensler revealed in a recent CNBC interview that the SEC is considering between eight and a dozen filings for a spot bitcoin ETF. Gensler mentioned the SEC's history of denying these types of proposals but stated that they are taking a new look at them based on recent court rulings. He did not directly confirm whether he was referring to the Grayscale ruling, but it seems likely.
Earlier this year, Grayscale won a case against the SEC when a panel of judges sided with the crypto-focused asset manager and ordered the SEC to review its application to convert its bitcoin trust (GBTC) to an ETF. The SEC chose not to appeal the decision and has since held talks with Grayscale. The potential Grayscale ETF would join other applicants, including traditional asset managers like BlackRock, in the race to launch a bitcoin ETF.
Bloomberg analysts estimate a 90% chance of an approval by the January 10 deadline for Ark and 21Shares' proposal. However, some, like former SEC staffer John Reed Stark, believe such a high likelihood is "absurd."
