The U.S. Securities and Exchange Commission (SEC) is currently evaluating eight to ten exchange-traded fund (ETF) filings related to Bitcoin, according to SEC Chairman Gary Gensler's latest interview with Bloomberg TV on Thursday. The chairman emphasized that the commission's review process is not dictated by a specific timeline but depends on the deliberations of the five-member commission.
Gensler reiterated Bitcoin's classification as a non-security, indicating that this perspective would guide the SEC's comprehensive review of these filings. The approval process, which typically spans between 12 to 24 months, often around 15 to 19 months, involves a rigorous procedure akin to an initial public offering (IPO). This process requires registration with the SEC and thorough analysis by its Division of Corporation Finance and Division of Trading and Markets.
A significant decision lies ahead for the SEC in terms of Grayscale Investments LLC's proposal to convert its Bitcoin trust (GBTC) into an ETF. The outcome of this proposal could potentially set a precedent for future approvals in this burgeoning segment of the financial market.
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