90% probability that the SEC will approve Bitcoin spot ETF in early 2024: Bloomberg
The Bloomberg analysts predicted that there are almost full chances for Bitcoin spot ETF applications to get approval in 2024.
Bitcoin spot ETF products are the centralized way to invest in the Bitcoin asset directly on behalf of the investment product provider firm. In the present time some Bitcoin futures ETF products are active in the US jurisdiction but similar to Bitcoin futures ETF products, Bitcoin spot ETF products have failed to secure regulatory approval from the Securities and Exchange Commission (SEC) since late 2021.
On 14 Oct 2023, Eric Balchunas and James Seyffart, analysts at Bloomberg Media, shared their opinions on the potential chances for the Bitcoin spot ETF applications in the next year.
According to these analysts there is nearly a 90% chance that Bitcoin spot ETF applications will get regulatory approval in January of next year.
The analysts dragged attention toward a most recent ETF prospectus filed by Ark Invest and 21Shares. According to these experts, applied application showed a better level of engagement between the Bitcoin spot ETF applicants & the SEC body.
“We believe there’s a 90% chance of approval by Ark’s Jan. 10 deadline,” wrote Balchunas and Seyffart.
The filing showed that the application has the potential ability to assess the risks associated with Bitcoin spot ETF price manipulation which was the biggest concern under the purview of the SEC body, as seen in every Bitcoin spot ETF application rejection.
Grayscale vs SEC
It is worth it to note that the SEC body faced a loss in the Grayscale vs SEC case and the SEC body failed to appeal against the court ruling before the due date.
Also a report but Reuters media confirmed that the SEC agency has no plans to oppose the court ruling in the Grayscale suit.
Now it is confirmed that the SEC agency is not going to reject Bitcoin spot ETF blindly but other factors will still remain under the top priority & that may act as a road bump in the path of spot ETF approval.
Some experts shared their thoughts on this matter and said that there is a huge chance that the SEC agency may issue cease & desist orders against the currently active Bitcoin futures ETF.
Read also: SEC fails to appeal in the Grayscale vs SEC suit, now what the next?
