In a recent interview with CNBC, Gary Gensler, Chair of the U.S. Securities and Exchange Commission (SEC), revealed that the regulatory agency is giving fresh consideration to spot bitcoin ETF proposals. Gensler cited recent court rulings, including the Grayscale case, as factors that have prompted the SEC to reassess its stance on these applications.

According to Gensler, the SEC is currently reviewing "between eight and a dozen filings" for a spot bitcoin ETF, with Pando's recent entry bringing the total number of proposals to 13. Previously, the SEC had denied several applications, but the recent court rulings have prompted a reevaluation.

While Gensler did not explicitly mention the Grayscale ruling, it appears to have influenced the SEC's approach. Earlier this year, Grayscale achieved a significant victory when a panel of judges ruled in favor of the crypto-focused asset manager. The judges ordered the SEC to reexamine Grayscale's application to convert its bitcoin trust (GBTC) into an ETF.

Since then, the SEC has reopened its review of Grayscale's application and engaged in discussions with the asset manager. Grayscale has expressed its commitment to working closely with the SEC to secure the necessary regulatory approval for its ETF.

Grayscale is not alone in its pursuit of a bitcoin ETF. Various applicants, including traditional asset managers like BlackRock, have also entered the race, hoping to be at the forefront of this nascent market.

The anticipation surrounding the SEC's decision on bitcoin ETFs is high, and Bloomberg analysts predict a favorable outcome, estimating a 90% chance of approval by the January deadline. Not everyone shares this optimism, though, with some experts, such as former SEC staffer John Reed Stark, arguing that such high odds are "absurd."

As the SEC continues to review the numerous bitcoin ETF proposals, market participants are eagerly awaiting a judgment that could potentially pave the way for broader institutional adoption of bitcoin and other cryptocurrencies. The SEC has until January 10 to make a ruling on Ark and 21Shares' proposal, setting the stage for an eventful period in the days leading up to the decision.

Overall, Gensler's comments indicate a change in the SEC's stance on bitcoin ETFs, driven by recent court rulings and a willingness to reevaluate these applications within the confines of existing legislation and judicial interpretations.