Expert Market Analysts Agree A Spot Bitcoin ETF Is A Matter Of When, Not If
September 04 2023 - 8:30AM
NEWSBTC
The crypto community has been kept at the edge of its seat as the
SEC decided to postpone a decision on the 7 Spot Bitcoin ETFs filed
over the last few months. During such a pensive time, market
analysts have predicted the SEC authorizing a Spot Bitcoin ETF
while the former SEC Chairman foresees a losing battle for the
regulator. JP Morgan Analysts Foresee ETFs Approval The
United States Securities and Exchange Commission (SEC) and
Grayscale, an American digital currency investing and crypto asset
management company have been embroiled in a legal battle since June
2022. The SEC had previously rejected Grayscale’s request to
convert its GBTC vehicle to an ETF. The digital currency investment
company had responded to the rejection with a lawsuit, suing the
SEC and filing a petition for a review by the United States Court
of Appeal for the District of Columbia Circuit. Related
Reading: Pro-XRP Legal Expert Takes The Spotlight With Daring
Ripple Vs SEC Settlement Theory The legal proceedings have not been
favorable with the SEC, and analysts led by Nikolaos Panigirtzoglou
from JP Morgan, a New York-based universal bank have predicted the
eventual acceptance of Bitcoin ETF applications by the SEC.
The prediction is also largely supported by Grayscale’s victory
against the SEC in a recent court ruling that classified the SEC’s
denial of Bitcoin ETF applications as unreasonable and without
substance, mandating the SEC to reevaluate its decision to deny
Grayscale’s Bitcoin ETF application. While the SEC deliberates on
its next move, the regulator has announced that it requires more
time to decide on Bitcoin ETF propositions from several companies
including WisdomTree and Blackrock. The regulator has also
requested a postponement until mid-October. The JPMorgan
analysts believe that the SEC’s delay is a positive sign that
Bitcoin ETFs will be approved soon. The analysts have also stated
that the SEC would find it difficult to justify their rejection of
Bitcoin ETF approval after accepting a previous proposal for
future-based Bitcoin ETFs. The situation places the SEC in a
precarious predicament and consequently, JP Morgan analysts have
concluded that the SEC is likely to be compelled to approve the
pending Bitcoin ETF applications from Grayscale and various asset
management companies. Former SEC Chairman Says “Spot Bitcoin
ETF Is Inevitable” A prominent X (formerly Twitter) influencer,
Collin Brown released a post on Monday, 4th September revealing
that the former Chairman of the US SEC, Jay Clayton sees an
undisputed win for Grayscale in the Bitcoin ETF case. Brown
stated that Clayton foresaw the “inevitable” acceptance of Bitcoin
ETF proposals by the SEC and the post highlighted the time the SEC
may conclude their decision on Bitcoin ETF applications, ultimately
ending the legal feud between the SEC and Grayscale. “Former SEC
Chairman Jay Clayton predicts the approval of a spot Bitcoin ETF is
inevitable! The SEC might make the announcement in mid-October, or
it could take a bit longer, but progress is on the horizon for
crypto enthusiasts,” the post read. Related Reading: Shiba
Inu Marketing Lead Sends Important Message To SHIB Holders However,
the X account was later suspended following the announcement.
In contrast, an ex-SEC Attorney, John Reed Stark declared in an X
post that the chances of the SEC approving Bitcoin ETFs are
implausible and crypto enthusiasts should not expect any other
outcome. While the crypto community is cheering and hoping for
Grayscale’s complete victory over the SEC, investors are preparing
for a possible Bitcoin price surge that may follow the SEC’s
approval of Bitcoin ETFs. BTC price loses footing above $26,000 |
Source: BTCUSD on Tradingview.com Featured image from Unsplash,
chart from Tradingview.com
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