Bitcoin reached the $36,780 mark as analysts say the SEC has entered a window to approve all the present purposes for spot Bitcoin ETFs.
Though the crypto market expects the U.S. Securities and Trade Fee (SEC) to approve a number of spot Bitcoin exchange-traded funds (ETFs) by Jan. 10, 2024, there’s nonetheless a chance the watchdog may do it even earlier.
In an X publish on Nov. 8, Bloomberg Intelligence Analysis James Seyffart famous that the SEC has entered a quick eight-day window to approve all 12 spot Bitcoin ETFs, together with the one submitted by Grayscale Investments.
Amid the information, Bitcoin value surged by 5%, surpassing the $36,700 threshold, based on CoinGecko. The cryptocurrency’s market capitalization neared $719 billion.
Nonetheless, crypto.information beforehand reported that Grayscale CEO Michael Sonnenshein stated his agency has not but acquired any phrase about approval for spot Bitcoin ETFs from the regulator. Seyffart famous that the SEC might nonetheless determine on the primary few purposes “at any level from now.”
“This window for all 12 [ETF applications] ends by 11/17. However theoretically SEC might decide on the primary 9 on this listing at any level from now till Jan 10, 2024.”
James Seyffart
Nonetheless, the SEC has far more time to approve all of the purposes as the ultimate deadline for Franklink’s spot Bitcoin ETF is Might 30, 2024. Many — if not all — spot Bitcoin ETF purposes might ultimately be denied, provided that SEC Chair Gary Gensler repeatedly addressed points associated to crypto-related monetary merchandise available on the market.
Furthermore, the SEC has a historical past of rejecting spot Bitcoin ETF purposes, a pattern that started in 2017 and has continued below Gensler’s management. Since his appointment in 2021, the SEC has both delayed, denied, or pushed again all such purposes, citing investor safety considerations as the first purpose.
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