Gary Gensler, the chairman of the Securities and Exchange Commission (SEC), while not delving into specifics, confirmed the agency’s active engagement in reviewing multiple Bitcoin spot ETF proposals. Speaking in an interview, Gensler emphasized that although he doesn’t pre-emptively comment on individual requests, the agency’s dedicated staff “meticulously evaluate each case.“
Proven SEC Review Methodology
Gensler outlined the comprehensive process the SEC employs for such reviews, drawing parallels to the scrutiny an initial public offering (IPO) undergoes.
When an asset manager seeks to list something on an exchange, these exchange-traded products have to register with the SEC, and they go through a filing, akin to an IPO.
This established procedure sees the SEC’s Division of Corporation Finance providing valuable feedback, while the Division of Trading and Markets meticulously examines the filings. The disclosure review team, a specialized group within the SEC, plays a crucial role in this verification process, providing feedback to potential issuers.
The chairman’s remarks come in the context of the SEC’s recent decision to expand its review process for Bitcoin ETFs proposed by influential asset managers such as BlackRock, Invesco, Valkyrie, and Fidelity. This additional layer of scrutiny will inevitably extend the review period by at least another month. Gensler’s comments underscored the importance of the SEC’s robust and long-standing review process.