It is possible that United States Securities and Exchange Commission (SEC) Chair Gary Gensler could reject spot Bitcoin exchange-traded funds (ETFs) in a surprising move, according to Bloomberg ETF analysts. In a tweet directed at Bloomberg analysts, ETF commentator Dave Nadig suggested that Gensler might be allowing spot Bitcoin ETF applications to accumulate in order to deny them all at once. While this scenario is seen as unlikely, it has been on the minds of analysts for some time. The denial of spot Bitcoin ETFs could potentially lead to a wave of lawsuits. Gensler’s stance on spot Bitcoin ETFs has previously been described as “inconsistent” by himself. The SEC has a history of denying spot Bitcoin ETF applications, with Gensler continuing this trend since becoming SEC Chair. The SEC has claimed that spot Bitcoin products do not have enough safeguards to protect investors from market manipulation.