The U.S. Securities and Exchange Commission’s (SEC) Loss Against Grayscale
According to Bloomberg Analyst James Seyffart, the recent rejection by the D.C Circuit Court of Appeal of the SEC’s views on the conversion of Grayscale Bitcoin Trust (GBTC) into a spot Bitcoin ETF can be seen as a complete rejection of the agency’s position. Seyffart argues that the SEC’s differentiation between spot and futures ETF applications doesn’t make sense. In fact, the Bloomberg analysts believe there is a 75% chance of a spot Bitcoin ETF being approved in 2023. The unanimous nature of the Grayscale filing and the judge’s harsh language against the SEC have only strengthened this belief.
Bitcoin ETF Approval is Inevitable
Seyffart reiterates that the approval of a Bitcoin ETF is only a matter of time. The SEC has approximately 45 days to delay, approve, or deny an application, and they typically choose to delay. The next pending application is the Ark 21Shares Bitcoin ETF, which will be decided before January 10, 2024. This gives analysts confidence that the approval will happen in 2024, with the remaining applications expected to be decided in March. This crucial decision could potentially cause the Bitcoin price to skyrocket, breaking through resistance levels. Additionally, the Bitcoin Halving, another significant event for the crypto ecosystem, is set to occur around April or May 2024.
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Hot Take: The Race for a Bitcoin ETF Continues
The recent rejection of the SEC’s views on the Grayscale Bitcoin Trust conversion into a spot Bitcoin ETF signals a potential breakthrough in the race for a Bitcoin ETF. With the upcoming decisions on pending applications, 2024 could be the year when a Bitcoin ETF finally gets approved. This approval has the potential to greatly impact the price of Bitcoin, as it could lead to a surge in demand and break through resistance levels. Additionally, the Bitcoin Halving event scheduled for 2024 adds to the anticipation and excitement surrounding the crypto ecosystem. Stay tuned for further developments in this exciting race.
