Analyst Predicts SEC Will Approve First Spot Bitcoin ETF by Mid-March Next Year

Asset absorption steadfast Bernstein has predicted that the U.S. Securities and Exchange Commission (SEC) volition o.k. its archetypal spot bitcoin exchange-traded money (ETF) betwixt mid-October and mid-March adjacent year. The firm’s expert believes that “the crypto ETF accidental won’t conscionable halt astatine bitcoin but volition widen into aggregate crypto assets.”

Bernstein’s Spot Bitcoin ETF Prediction

Gautam Chhugani, managing manager and elder expert of Global Digital Assets astatine plus absorption steadfast Bernstein, has predicted that the U.S. Securities and Exchange Commission (SEC) volition o.k. its archetypal bitcoin exchange-traded money (ETF) by mid-March adjacent year.

He explained successful a enactment connected Monday that the court ruling successful favour of crypto plus manager Grayscale Investments past week regarding the firm’s projected bitcoin ETF conversion is simply a “game changer.” Calling the ruling “a landmark triumph against the SEC,” helium emphasized: “The ruling went beyond the GBTC conversion, but laid unambiguous principles for regulators to measure spot crypto ETF applications.” The Bernstein expert shared:

We fishy the crypto ETF accidental won’t conscionable halt astatine bitcoin but volition widen into aggregate crypto assets.

Chhugani continued: “The beardown showing successful the courts (Ripple and Grayscale successful 2 months), improved ETF chances and the progressive organization interest, is successful opposition to the retail-led crypto cycles of the past.” He noted: “This is simply a rhythm slower to instrumentality off, but is being laid connected overmuch stronger cardinal grounds of regulatory clarity and much strategical semipermanent players entering the space.”

Recently, District Judge Analisa Torres partially ruled successful favour of Ripple Labs against the securities watchdog regarding the offers and income of XRP. The SEC is presently seeking to appeal the tribunal decision.

While the SEC has greenlighted respective bitcoin futures ETFs, it has not approved immoderate bitcoin spot ETFs, citing assorted concerns specified arsenic marketplace manipulation. However, the expert highlighted that the Grayscale determination refuted the SEC’s argument, arsenic the tribunal determined that “bitcoin futures prices are yet based connected spot marketplace prices.” He emphasized:

Thus, we believe, the crypto manufacture volition get its archetypal bitcoin ETF betwixt mid-October and mid-March 2024 (the scheduled reappraisal dates).

The SEC has delayed decisions connected each spot bitcoin ETF applications to the archetypal 4th of adjacent year, including 1 filed by Blackrock, the world’s largest plus manager. Former SEC Chair Jay Clayton said past week that the support of a spot bitcoin ETF is inevitable, noting that organization investors intelligibly privation entree to BTC.

When bash you deliberation the SEC volition o.k. a spot bitcoin ETF? Let america cognize successful the comments conception below.