The Chairman of the United States Securities and Exchange Commission (SEC), said that his agency has decided to adopt a new approach to the approval of Spot Bitcoin Exchange-Traded Funds (ETFs). SEC Chair Gary Gensler hinted that the court’s ruling in the Grayscale lawsuit directed the regulator to rethink its approach to Bitcoin ETFs.

In a recent CNBC interview on December 14, the SEC Chair addressed the extensive backlog of Spot Bitcoin ETF applications from major asset management firms, such as BlackRock. Gensler disclosed that his agency is currently scrutinizing “between eight and a dozen filings,” subjecting them to a meticulous evaluation process.

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