Gary Gensler is now actively collaborating with Bitcoin spot ETF issuers to finalize their filings

Information reaching Kossyderrickent has it that Gary Gensler is now actively collaborating with Bitcoin spot ETF issuers to finalize their filings.

In a letter from September 26, it has come to light that members of the US House Financial Services Committee (FSC) have written to the SEC to approve the spot Bitcoin ETF filings “immediately”. The letter endorsed by Representatives Mike Flood, Wiley Nickel, Tom Emmer and Richie Torres addresses the regulatory body’s standing against the ETFs.

After a year’s worth of stonewalling spot Bitcoin ETF applicants, the SEC may be taking a more laid-back approach toward their proponents.

Cordial Discussion With Applicants

Following a failed bid to block Grayscale from creating an ETF via lawsuit, Cathie Wood – the CEO of Ark Invest – stated that she had noticed a welcome change in the SEC’s behavior. Instead of outright refusing to consider applications, the regulator began asking questions about the proposed ETF, which she views as a positive sign.

“The fact that the SEC chose to ask questions is a change in behavior. Therefore, I do think hopes are rising that a – or a number of – Bitcoin ETFs will be approved.”

Mike Novogratz confirmed that the SEC asked similar questions about Galaxy Digital’s own proposed ETF. According to him, spot Bitcoin ETFs should be approved by the end of the year.

The letter argued that a regulated spot Bitcoin ETF would provide protection for investors by making access to BTC safer and more transparent. Furthermore, the lawmakers even called out the SEC for its lack of support for such ETFs. The Representatives stated that the Court of Appeals concluded that in the absence of a coherent explanation, this regulatory treatment of similar products is unlawful.

Calling the SEC’s standards of denial of spot ETFs as “inconsistent and discriminatory”, the letter urged the regulatory body to approve the listing of spot Bitcoin ETFs.