$BTC commented the head of the Securities and Exchange Commission (SEC), Gary Gensler. Recently on the order status of several Spot Bitcoin ETF orders.

SEC Chairman Gary Gensler confirmed. The regulatory body is reviewing several applications for Bitcoin ETFs.

Speaking to Bloomberg, Gensler added that backers must ensure their products are registered with the Securities and Exchange Commission (SEC) and go through an application process somewhat similar to an IPO.

However, the SEC chairman declined to talk about how the Grayscale Investments saga will develop after the SEC decided not to appeal the court's decision. He also did not say whether the agency would likely approve one of the ETFs or wait for everything in the group to be approved if such approval was received.

Earlier this week. The District of Columbia Court of Appeals ruled in the case between Grayscale Investments and the Securities and Exchange Commission denying the conversion of the Grayscale Bitcoin Trust into a spot Bitcoin ETF.

The court granted Grayskill's motion for reconsideration and vacated the commission's order. Consequently, the regulator rejected the company's application to create a spot Bitcoin ETF in July 2022 and must review it again.