Gary Gensler acknowledged the SEC s new view on Bitcoin ETFs after the Grayscale decision

The SEC chair acknowledged the number of pending ETFs, but also warned of widespread irregularities in the cryptocurrency space.

U.S. Exchange Commission (SEC) Chairman Gary Gensler commented on the pending spot Bitcoin ETF application for December 14.

When CNBC host Sara Eisen asked about the likelihood of these applications being approved, Gensler replied:

"We have ......Eight to a dozen [spot bitcoin ETF] application ......As you may know, we've denied some of these applications in the past, but courts in the District of Columbia weighed it. Therefore, we will revisit this issue in the light of the Court's ruling. ”

Eisen added that many market participants believe that the grayscale ruling suggests that a spot Bitcoin ETF "may eventually emerge." However, Gensler declined to comment on the possibility of such approvals, saying today that as the SEC's chairman, he "doesn't prejudge anything."

In addition to the aforementioned grayscale rulings, the SEC's recent meetings with several ETF applicants, as well as the amendments submitted by applicants during the comment period, generated widespread optimism. Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% chance that the SEC will approve a spot Bitcoin ETF by January 10, 2024.

In addition, Gensler highlighted the high level of irregularities in the crypto industry, highlighting the main concerns of regulators around the world. He claimed that "there is too much fraud and bad behavior in the crypto space", noting that this includes non-compliance with ** laws, as well as non-compliance in other areas such as money laundering and public protection.

Gensler noted that his agency has settled or litigated between 150 and 175 cases involving cryptocurrencies. Gensler explains the scope of influence, stating:

"This is only a small part of our U.S. capital markets. But when so many people are hurt, it can undermine the ...... of confidenceThis is a pervasive problem in this area around the world. It's even hard for actors with good faith to compete, because there are a lot of challenges elsewhere as well. ”