2023-10-18 22:11:45
© Reuters. SEC President Says Agency Is “Taking Action” on US Bitcoin ETF Applications
Blockmarket – This Wednesday (18), the chairman of the United States Securities and Exchange Commission, Gary Gensler, was asked about the status of several applications for spot ETFs that are under analysis by the agency. While he didn’t provide many new details, Gensler confirmed that the team is moving forward with its analysis.
“I’m not going to prejudge,” Gensler told Bloomberg. “The team is working on these various records.”
Gensler chose not to comment when asked about the next steps in the regulator’s ongoing case against Grayscale Investments, following SEC’s decision not to appeal a court ruling last month. He also did not clarify whether the agency would potentially approve a single fund or wait to approve everything in one group if such approval were granted.
The SEC has implemented additional procedures to review proposed bitcoin ETFs, causing delays of at least a month for approval or forecasting.
The SEC’s Inside View on ETF Filings
Gensler explains that there are several filings being considered by the team and the Commission, comparing the process to an IPO when an asset manager wants to take a product public on the stock exchange.
“What we have before us is a unique situation. We are not dealing with a single record, but with several – I believe it is eight or ten – that are being considered by the team and, ultimately, by the Commission,” explained Gensler. “When an asset manager seeks to take something public, these exchange-traded products need to be registered with the SEC and go through a process similar to an initial public offering, like an IPO.”
The SEC has several divisions involved in this process, including the Division of Corporate Finance and the Division of Trading and Markets.
The Division of Corporate Finance is responsible for providing feedback on disclosures made by potential issuers, while the Division of Trading and Markets reviews filings.
This process has been in place for decades and is known as the Disclosure Review Program.
The SEC has a team specifically dedicated to this program, known as the Disclosure Review Team, which provides feedback to potential issuers. This feedback is intended to ensure that potential investors have access to accurate and complete information about the issuer and its securities.
“And so it’s really the work of our Corporate Finance Division that gives feedback, our Trading and Markets Division, of course, reviews the records,” he continued. “This is a time-tested process that goes back decades. The SEC team is called the Disclosure Review Team, but within this group they respond and provide feedback to potential issuers.”
The SEC’s review process is an important part of the regulatory framework that helps protect investors and maintain the integrity of the securities markets in the United States. This is crucial to ensure that any approved bitcoin ETF complies with regulatory standards and offers adequate protections to investors.
Therefore, we must be optimistic but have patience to allow the SEC to carry out its full and thorough analysis. This is crucial to ensure that any approved bitcoin ETF complies with regulatory standards and offers adequate protections to investors.
After all, the ultimate goal is a safe, transparent and efficient cryptocurrency market that benefits all market participants. Therefore, as we await the outcome of these bitcoin ETF filings, we must remember that a careful and considered process is critical to the long-term success of the cryptocurrency market.
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