Matthew Sigel, the head of crypto research at VanEck, recently questioned why the US Securities and Exchange Commission (SEC) refuses to approve an ETF on spot Bitcoin. While the SEC has approved ETFs based on Bitcoin futures contracts, it has not yet approved any directly collateralized in BTC. Sigel notes that the SEC approved the IPO of Coinbase, a company that holds Bitcoin and other cryptocurrencies on behalf of clients, despite concerns about BTC custody. He suggests that outsourcing token custody to qualified third parties may be a more viable solution in some cases. Sigel also speculates that BlackRock’s attempt to get approval for a spot Bitcoin ETF may involve cooperation with Coinbase and could lead to increased oversight and less manipulation in the cryptocurrency spot markets. The approval of a spot Bitcoin ETF could have a significant impact on crypto markets by increasing the volume of BTC purchases and potentially affecting its prices. The success of these ETFs and their ability to attract new investors will play a crucial role in determining their impact. It is speculated that this could happen in 2024, coinciding with Bitcoin’s fourth halving.
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