SEC announces that the regulator is reviewing the approach to Bitcoin ETFs
The first applications to launch spot Bitcoin ETFs will receive SEC approval on January 8–10. This was stated by Bloomberg analyst James Seyffart.
According to the expert, the US Securities and Exchange Commission deliberately delayed making a decision in order to approve most of the applications at once. This way, none of the applicant companies will receive an advantage over others, Seyffart believes.
“The SEC doesn’t want to pick a favorite company to win these competitions, whether it’s for the most assets or the most liquidity. Therefore, if the SEC were to approve all of these things, it would most likely approve them all at once, because it doesn’t want to play the role of kingmaker in this situation,” the analyst explained.
Another point in favor of the approval of the BTC-ETF is the victory of Grayscale in court over the regulator, which took place this summer. A Bloomberg analyst says the SEC is being “backed into a corner by judges.”
Indeed, earlier the head of the regulator, Gary Gensler, announced that the department was reviewing its approach to Bitcoin ETFs after “court decisions.” The official said that the Commission is currently studying up to 12 applications.
Gary Gensler said that they have rejected a number of such petitions in the past and they are re-examining this issue in the context of court decisions.
Meanwhile, the head of JAN3, Samson Mou, believes that the rate of the main crypto coin will rise to $1 million after the approval of the first BTC-ETF in the United States. The expert predicts that this will happen within a few “days or weeks” after the application is approved. And the prerequisite for a significant increase in the price of the crypto asset will be investments from institutional investors next year.
“We will reach a very limited supply of Bitcoin on exchanges available for purchase with the new influx of money. That’s why [an asset] can go very high in a short period of time,” Mou explained.
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