Key Points:
- The SEC may choose to rescind prior approval of Bitcoin futures ETFs, leaving all Bitcoin ETF options unavailable to U.S. buyers.
- Bitcoin-supportive lawyer Joe Carlasare sees a 20% chance of the SEC reversing its previous futures ETF approvals.
- John Deaton, a crypto lawyer, believes SEC Chairman Gary Gensler may have the motive to rescind futures ETF approvals.
- Suspicion has grown among business leaders and members of Congress that the SEC has an agenda to stifle the crypto industry in the U.S.
- The SEC’s other options include appealing the court’s ruling or allowing a spot ETF to pass.
Hot Take:
The SEC is faced with a difficult decision regarding Bitcoin ETFs. While it may choose to rescind prior approval of futures ETFs, this could be seen as a move to stonewall a spot ETF. There is a possibility of legal consistency, but suspicion has grown that the SEC has an agenda to stifle the crypto industry. It remains to be seen how the SEC will handle the wave of Bitcoin ETF applications.
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