Crypto proponents believe the American regulators facing foreign jurisdiction pressure to adopt Bitcoin rapidly and green signal Bitcoin spot ETF applications as soon as possible.
In the present time, the majority of the portion of Crypto sector is unregulated in the US jurisdiction. All the crypto companies are providing crypto services on behalf of the traditional financial rules. In the past, the Securities and Exchange Commission (SEC) tried to regulate the crypto sector under the securities laws that were made before the 90s. The body faced huge negativity from the crypto proponents this year, as the regulatory body tried to regulate the crypto companies on behalf of those rules that are not applicable to Cryptocurrencies nature.
As per an official statement by the SEC chairman Gary Gensler, the SEC body is reviewing 8 to 10 Bitcoin spot ETF applications.
According to media sources, the SEC agency will green signal multiple Bitcoin spot ETF applications in the next 3-4 months.
BitMex Co-founder Arthur Hayes shared his opinion on the pressure that the American regulatory bodies are facing because of the crypto adoption competition among non-US jurisdictions e.g Hong Kong.
According to the BitMex Co-founder, the government of Hong Kong, a special administrative region of China, is potentially going to launch a Bitcoin spot ETF product to compete against the US.
Arthur noted that the surged economic race between the US & China is going to bring a better situation for Bitcoin.
Coin Bureau also shared its opinion on this situation and noted that pressure on the US is visible and all the countries are in the race for Bitcoin spot ETF launch.
Popular crypto influencer Lark Davis shared his opinion on the potential launch of Bitcoin spot ETF in Hong Kong & related news. He said that we can see that China is not going to miss opportunities in the Crypto sector.