Will the SEC Approve Bitcoin ETFs?
As the US Securities and Exchange Commission (SEC) prepares to evaluate Bitwise’s Bitcoin ETP Trust application, crypto enthusiasts eagerly await the verdict. Giants like BlackRock, VanEck, WisdomTree, and Invesco are also hoping for approval of their Bitcoin ETFs.
Key Points:
- BlackRock’s Bitcoin ETF is considered the most likely to be accepted, given its successful track record with ETFs.
- A spot-Bitcoin ETF could make Bitcoin investments more mainstream, but concerns over fraud and manipulation remain.
- There is growing interest in exploring Ether futures or a blend of Bitcoin-and-Ether futures ETFs, despite the SEC’s previous resistance.
- The launch of Volatility Shares 2x Bitcoin Strategy ETF has been successful, but the SEC has a structured timeline for spot-fund applications.
- Market pundits predict another delay in the SEC’s decision, citing historical trends of postponement.
Hot Take:
While there is uncertainty surrounding the approval of Bitcoin ETFs, former SEC attorney John Reed Stark believes the current SEC is unlikely to approve them due to concerns over market manipulation. However, a potential shift in the SEC’s approach post-Election Day could provide a smoother path for Bitcoin spot ETFs, especially if a Republican triumphs in the 2024 election.
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