Gary Gensler, SEC Chairman: Application For Bitcoin ETF Is In The Process Of Review

Chairman of the US Securities and Exchange Commission, Gary Gensler. (Photo; Doc. The Jewish Voice)

JAKARTA - Gary Gensler, Chairman of the US Securities and Exchange Commission (SEC), recently spoke to Bloomberg about several Bitcoin ETF proposals that are currently being reviewed. In his interview, Gensler revealed that there are about ten Bitcoin ETF proposals that are currently awaiting a decision from SEC staff.

However, Gensler did not provide a personal assessment of the proposals and declined to comment on whether the SEC would approve some Bitcoin ETFs at once. However, he stressed that various divisions in the SEC are currently reviewing "several submissions" and providing input to a number of related companies that submitted proposals.

Gensler is also discussing the latest developments surrounding Grayscale's efforts to convert its GBTC funds into Bitcoin spot ETFs. Grayscale won the right to request approval from the SEC through a court in August.

Although the SEC can appeal the court's decision no later than October 13, it appears that no appeal has been filed. Gensler confirmed this in the interview, but made no more comments regarding this matter.

It's important to note that even if the SEC is forced to review Grayscale's app, it won't require them to approve the funds. In addition, decisions regarding Grayscale's proposal will not affect other Bitcoin spot ETF proposals.

Gensler's comments came after an inaccurate report stated that the SEC had approved a Bitcoin spot ETF proposal from BlackRock. Although the rumors turned out to be wrong, this fake news affected the price of Bitcoin, which rose above $30,000. (Rp475 million) before returning to its previous level.

For information only, Bitcoin ETF, or exchange-traded funds, is the type of investment fund that tracks the price of Bitcoin and allows investors to buy and sell the shares of the funds on the exchange.

This allows investors to gain exposure to Bitcoin without having to own the cryptocurrency. The futures Bitcoin contract is an agreement between merchants to buy or sell Bitcoin at agreed prices on a certain date, regardless of what happens at the price on or before that date.