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## TL; DR

The SEC is likely to take a more accommodative stance towards spot <a href="/zh/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs as a result of the recent court ruling. 

Currently, the SEC is evaluating between 8 and 12 spot bitcoin ETFs. 

It is likely that the SEC may approve several spot bitcoin ETFs in January 2024. 

## Introduction 

Although many analysts anticipate that [the SEC is likely to approve spot bitcoin ETFs during the first quarter of 2024](https://www.gate.io/blog_detail/3611/daily-news-the-sec-announced-the-deadline-for-bitcoin-spot-etfs-application-solana-s-network-activity-data-achieved-a-record-high-bitcoin-halving-time-is-less-than-120-days "the SEC is likely to approve spot bitcoin ETFs during the first quarter of 2024") there is no guarantee for that. It seems that the United States SEC remains strict on its demands for the approval of spot BTC ETFs.  The SEC has been holding meetings with the prospective [bitcoin ETF](https://www.gate.io/bitwiki/detail/731/bitcoin-etfs "bitcoin ETF") issuers. 

Today, we look at the SEC’s current position on spot bitcoin after the Grayscale court decision which has forced the regulatory authority to reconsider its demands on the approval of the spot BTC ETFs. 

Read also: [Grayscale Pushes Forward with Spot Bitcoin ETF](https://www.gate.io/blog_detail/3555/grayscale-pushes-spot-btc-etf "Grayscale Pushes Forward with Spot Bitcoin ETF")

## SEC’s Post-Grayscale Court Decision Stance on Spot Bitcoin ETF Approval 

Gary Gensler, the Chairman of the U.S. Securities and Exchange Commission (SEC), has hinted on a shift in its stance towards spot bitcoin ETFs as a result of the court ruling on Grayscale ETF application. 

It is most likely that the SEC may take a softer stance on spot bitcoin ETF than before. Nonetheless, it has not confirmed the direction it will take in the future. In an interview with CNBC on 14 Dec [Gensler said](https://www.cnbc.com/video/2023/12/14/sec-chair-gary-gensler-ai-is-the-most-transformative-technology-of-our-time.html "Gensler said") that the SEC is currently handling between eight and a dozen filings. 

Gensler revealed that previously the regulatory authority had been rejecting ETF applications but the courts have intervened. He said, “We had in the past denied a number of these applications. So, we’re taking a new look at this based upon those court rulings.”

As you note, his words hint on a change of focus. Nevertheless, [he emphasized](https://www.cnbc.com/video/2023/12/14/sec-chair-gary-gensler-ai-is-the-most-transformative-technology-of-our-time.html "he emphasized") that what the regulatory agency has been doing is guided by “the laws Congress has passed and how the courts interpret them.”

Something unique about Gensler, the SEC chair, is that he often ignores answering certain questions in a direct manner. For example, in an interview with Bloomberg’s Kailey Leinz on 14 December, he sidestepped to answer a question about the number of fillings for spot bitcoin ETFs. 

Read also: [Can Spot Bitcoin ETFs Become Market Catalysts if Approved?](https://www.gate.io/blog_detail/3076/can-spot-bitcoin-etfs-become-market-catalysts-if-approved "Can Spot Bitcoin ETFs Become Market Catalysts if Approved?")

As a result, Bryan Steil gave a candid comment on X about Gensler’s usual response to questions.  [Steil posted](https://twitter.com/RepBryanSteil/status/1735032072425676838 "Steil posted"), “Chair Gary Gensler obfuscates on crypto with the press like he does at committee hearings. He does not want to explain his agency’s aggressive regulatory approach which is pushing crypto offshore.”

## Rejected Spot Bitcoin ETF Applications 

The SEC has rejected the various spot bitcoin ETF applications it received in the past including Grayscale Investment’s offering via its Bitcoin Trust. Notably, the SEC denied Grayscale spot bitcoin application on the basis that it has not sufficiently indicated how it will protect investors from market manipulation. 

Related news: [Spotlight on Spot Bitcoin ETFs and Their Impact](https://www.gate.io/blog_detail/3461 "Spotlight on Spot Bitcoin ETFs and Their Impact")

After the SEC’s decision to decline its application, Grayscale sued the regulatory authority on the basis that in the past it approved futures-based ETFs which also rely on the price of bitcoin. 

In the end, the court ruled that the SEC arbitrarily rejected Grayscale's spot bitcoin exchange traded fund application as it failed to explain how the futures-based ETF and Spot BTC ETF are materially different.  

The Grayscale SEC case became interesting when the regulatory agency declined to appeal against that ruling. Therefore, the crypto market waits to see the SEC’s next move considering that there are over 8 ETF applications including those of BlackRock, Invesco, Galaxy, VanEck, Valkyrie and Fidelity. Nonetheless, the SEC has not made a decision on the applications of these asset managers. 

## SEC Meets Spot Bitcoin ETF Issuers  to Map a Way Forward 

During the past two months the U.S. Securities and Exchange Commission met with several prospective spot bitcoin ETF issuers, including Blackrock, Fidelity, Franklin Templeton and Grayscale to discuss issues related to “**SEC approving spot bitcoin ETFs.**”

Recently, the SEC met with Grayscale and Franklin Templeton on 8 December. Also, it had meetings with Fidelity Investments and BlackRock on 7 and 11 December, respectively. That is why Eric Balchunas, a senior Bloomberg ETF analyst, commented on X that the SEC has been busy.

[He wrote](https://twitter.com/EricBalchunas/status/1734688272293789759 "He wrote"), “The SEC is busier than Santa’s elves. Blackrock’s third meeting with them yesterday is the most notable IMO as everyone is waiting to see if they can convince the SEC to allow in-kind creations in the first run of approvals.

Nothing groundbreaking to report but 4 different issuers have met with the SEC regarding their Bitcoin ETF filings.”

[James Seyffart, another Bloomberg ETF analyst said](https://twitter.com/JSeyff/status/1734679896746758219?ref_src=twsrc%5Etfw "James Seyffart, another Bloomberg ETF analyst said"), “Both the [SEC] Division of Trading & Markets and the Division of Corporate Finance were present at each of these meetings. Those are the two divisions that will ultimately decide if & when the 19b-4’s & S-1’s would be approved or denied.”

## Grayscale SEC Negotiations 

Although it seems there are delays in bitcoin ETF approvals, speculation is growing in the crypto sector that the SEC is likely to approve them as early as January 2024. What seems to be the sticking point is the model to use. 

The SEC prefers the cash creation model while most prospective spot bitcoin issuers favour the in-kind creation model for spot bitcoin ETFs. Some spot BTC ETF issuers like BlackRock are willing to revise their in-kind model. 

## Conclusion 

The SEC has said that it is willing to re-evaluate its stance on spot bitcoin ETF applications in light of the recent Grayscale court ruling. So far, the SEC is considering between 8 and a dozen ETF applications. In the meantime, the market anticipates that the SEC may approve several spot bitcoin ETFs in early January 2024. 

## FAQs about Spot Bitcoin ETFs 

### What is Grayscale?

Grayscale is a leading cryptocurrency asset manager based in the United States. It offers investment assets that give exposure to digital assets like cryptocurrencies. Recently, [Grayscale filed an application for the launch of a spot bitcoin exchange traded fund (ETF).](https://www.gate.io/blog_detail/3357/analyzing-the-sec-s-appeal-and-its-impact-on-grayscale-bitcoin-etf-ruling "Grayscale filed an application for the launch of a spot bitcoin exchange traded fund (ETF).")

### What is spot bitcoin ETF?

A spot bitcoin ETF is a crypto derivative that tracks the price of bitcoin. It enables investors to get exposure to bitcoin without owning it. Currently, there are no spot bitcoin ETFs in the United States.

### What are crypto ETFs?

Crypto ETFs are investment assets that give investors exposure to cryptocurrencies without owning them. The shares of crypto ETFs are traded on traditional stock markets.

### SEC vs. Crypto ETFs battles- Who wins?

The SEC is taking its time to assess the suitability of crypto ETFs. It has been engaging in discussions with prospective spot bitcoin issuers during the last quarter of 2023. As things stand, it is most likely that the United States SEC will approve several crypto ETFs in early 2024.



<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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Grayscale Suggestion Prompts SEC’s Re-evaluation of Bitcoin ETFs