SEC and Spot Bitcoin ETF Talks Progressing to Key Details: Report
Discussions between the U.S. Securities and Exchange Commission (SEC) and hopeful spot Bitcoin ETF issuers have made significant progress, according to industry executives. This development is seen as a positive step towards wider adoption of regulated cryptocurrencies in the U.S. market.
Mark Your Calendars for Potential Approvals
A Bloomberg ETF researcher, James Seyffart, recently stated that the window for spot Bitcoin ETF approvals could fall between January 5th and January 10th, 2024. This means that potential approval orders may come on either Monday Jan 8, Tuesday Jan 9, or Wednesday Jan 10. Investors are advised to mark their calendars accordingly.
A Hard-Won Battle
The approval of a spot Bitcoin ETF by the SEC would bring an end to a legal battle that began when the regulator rejected Grayscale Investments’ plan to convert $17 billion of GBTC into a spot ETF in June 2022. The SEC claimed that the proposal did not meet anti-fraud and investor protection standards. However, in August 2023, U.S. Court of Appeals Judge Neomi Rao overturned the SEC’s decision.
Bull Market Potential
Grayscale Investments CEO Michael Sonnenshein defended cryptocurrencies against negative remarks made by JPMorgan Chase CEO Jamie Dimon. Sonnenshein emphasized that crypto is here to stay and investor interest in the asset class is growing. If the SEC approves the spot Bitcoin ETF, it would mark a significant milestone for Grayscale Investments and potentially signal the start of a bull market in crypto for 2024. This could lead to increased investor interest and further growth in cryptocurrency.
Hot Take: Crypto Winter Ending and Investor Interest Rising
The progress in talks between the SEC and spot Bitcoin ETF issuers is an encouraging sign for the mainstream adoption of regulated cryptocurrencies. If the SEC approves the spot Bitcoin ETF, it could mark the beginning of a bull market in 2024, bringing an end to the crypto winter that has lasted for over a year. This would likely spark increased investor interest in cryptocurrency and further growth in the market.
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