SEC’s Bitcoin ETF Approval Anticipated On January 10th, Say Crypto Conglomerates
The financial markets are abuzz with anticipation as the U.S. Securities and Exchange Commission (SEC) enters a crucial decision-making window that could lead to the approval of the long-awaited spot Bitcoin ETF.
Bloomberg Analyst James Seyffart has hinted at a high probability of approval by January 10, suggesting a 90% chance based on his latest research note. Seyffart’s optimism is bolstered by recent delay orders issued simultaneously by the SEC for major players like BlackRock, Bitwise, and VanEck.
The synchronized move might pave the way for a collective approval of all 12 applications currently on the table. Seyffart notes that the SEC’s window for a decision on the first nine applicants extends until January 10, 2024 — sparking intense speculation among investors and industry observers.
New Research note from me today. We still believe 90% chance by Jan 10 for spot #Bitcoin ETF approvals. But if it comes earlier we are entering a window where a wave of approval orders for all the current applicants *COULD* occur pic.twitter.com/u6dBva1ytD— James Seyffart (@JSeyff) November 8, 2023
Market Expectations on Bitcoin ETF
Adam Cochran of Cinneamhain Ventures observed that the SEC often issues disclaimers before greenlighting contentious decisions, referencing the commission’s behavior prior to the approval of the $BITO futures ETF. His analysis suggests that approval for a Bitcoin ETF could be imminent, possibly within a week.
However, Seyffart cautions that even after an initial nod, ETFs would still require sign-off from the division of Corporate Finance, which could delay the actual launch by weeks or months.
Usually this kind of stuff is posted by the SEC as like a disclaimer before they approve things they don't like.— Adam Cochran (adamscochran.eth) (@adamscochran) November 8, 2023
For example, last time was 4 days before they approved the $BITO futures ETF.
Would guess this puts $BTC ETF approvals <1 week now. https://t.co/o23RJIEXi4
The path to approval is not without its obstacles. Critics like Bitfinex have raised concerns about the lingering issues surrounding Tether’s alleged fraud, previously cited in numerous spot Bitcoin ETF denials. They argue that these issues could resurface, potentially affecting the SEC’s verdict. Yet, it’s worth noting that similar concerns did not prevent the approval of Bitcoin futures ETFs in 2021.
Hasn’t the SEC cited the Tether fraud in a bunch of bitcoin spot etf denials? Is tether fraud still a problem? pic.twitter.com/6vxOTJkeGM— Bitfinex'ed 🔥🐧 Κασσάνδρα 🏺 (@Bitfinexed) November 8, 2023
As the industry awaits the SEC’s decision, the potential approval of a Bitcoin ETF stands as a watershed moment that could reshape the landscape of cryptocurrency investment. This event carries significant implications not just for investors but also for the broader adoption and legitimacy of digital assets. With the outcome still hanging in the balance, the market remains on edge, ready to pivot based on the SEC’s impending announcements.
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