Bitcoin News and Finance
Analyst Predicts SEC Will Approve First Spot Bitcoin ETF by Mid-March Next Year Skip to main content

Analyst Predicts SEC Will Approve First Spot Bitcoin ETF by Mid-March Next Year

Analyst Predicts SEC Will Approve First Spot Bitcoin ETF by Mid-March Next Year

Asset management firm Bernstein has predicted that the U.S. Securities and Exchange Commission (SEC) will approve its first spot bitcoin exchange-traded fund (ETF) between mid-October and mid-March next year. The firm’s analyst believes that “the crypto ETF opportunity won’t just stop at bitcoin but will extend into multiple crypto assets.”

Bernstein’s Spot Bitcoin ETF Prediction

Gautam Chhugani, managing director and senior analyst of Global Digital Assets at asset management firm Bernstein, has predicted that the U.S. Securities and Exchange Commission (SEC) will approve its first bitcoin exchange-traded fund (ETF) by mid-March next year.

He explained in a note on Monday that the court ruling in favor of crypto asset manager Grayscale Investments last week regarding the firm’s proposed bitcoin ETF conversion is a “game changer.” Calling the ruling “a landmark win against the SEC,” he emphasized: “The ruling went beyond the GBTC conversion, but laid unambiguous principles for regulators to evaluate spot crypto ETF applications.” The Bernstein analyst shared:

We suspect the crypto ETF opportunity won’t just stop at bitcoin but will extend into multiple crypto assets.

Chhugani continued: “The strong showing in the courts (Ripple and Grayscale in 2 months), improved ETF chances and the progressive institutional interest, is in contrast to the retail-led crypto cycles of the past.” He noted: “This is a cycle slower to take off, but is being laid on much stronger fundamental grounds of regulatory clarity and more strategic long-term players entering the space.”

Recently, District Judge Analisa Torres partially ruled in favor of Ripple Labs against the securities watchdog regarding the offers and sales of XRP. The SEC is currently seeking to appeal the court decision.

While the SEC has greenlighted several bitcoin futures ETFs, it has not approved any bitcoin spot ETFs, citing various concerns such as market manipulation. However, the analyst highlighted that the Grayscale decision refuted the SEC’s argument, as the court determined that “bitcoin futures prices are ultimately based on spot market prices.” He emphasized:

Thus, we believe, the crypto industry will get its first bitcoin ETF between mid-October and mid-March 2024 (the scheduled review dates).

The SEC has delayed decisions on all spot bitcoin ETF applications to the first quarter of next year, including one filed by Blackrock, the world’s largest asset manager. Former SEC Chair Jay Clayton said last week that the approval of a spot bitcoin ETF is inevitable, noting that institutional investors clearly want access to BTC.

When do you think the SEC will approve a spot bitcoin ETF? Let us know in the comments section below.

Comments

Post a Comment

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl
Post a Comment
Read more

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju
Post a Comment
Read more

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and
Post a Comment
Read more

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r
Post a Comment
Read more
Blogarama - Blog Directory