Grayscale court decision was key to Bitcoin ETF approval, says Gary Gensler
The SEC chair said Grayscale’s court decision “changed” the Commission’s approach to spot Bitcoin ETF trading on Wall Street.
Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), acknowledged on Jan. 12 that Grayscale’s court victory was crucial in approving spot Bitcoin exchange-traded funds (ETFs).
Although the SEC has denied several applications for a similar product since 2013, Gensler said during an interview with CNBC’s Squawk Box that the court decision in favor of asset manager Grayscale in August 2023 changed the SEC’s perspective over the crypto investment vehicle:
Despite the go-head, Gensler reiterated that the approval was not an endorsement of Bitcoin (BTC). "We do not endorse [Bitcoin]."
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