According to this Report, SEC Will Approve a Spot Bitcoin ETF and Trigger a Bull Run!

• According to a report published by Matrixport on Thursday, the SEC may approve several spot Bitcoin exchange-traded funds (ETFs) that could trigger the next upward movement of Bitcoin (BTC).
• Markus Thielen said that these ETF providers will make significant marketing expenses to attract retail and institutional capital.
• The SEC will respond next week to Grayscale’s GBTC filing and the resubmission of the ARK 21Shares Bitcoin ETF application.

Time is running out for the SEC, decision time is coming; SEC can initiate a new bull run by approving multiple Bitcoin ETFs.

SEC May Approve Multiple ETFs

According to a report published by crypto service provider Matrixport on Thursday, the U.S. Securities and Exchange Commission (SEC) may approve several spot Bitcoin exchange-traded funds (ETFs) that could trigger the next upward movement of Bitcoin (BTC), the world’s largest digital currency.

Markus Thielen said that these ETF providers will make significant marketing expenses to attract retail and institutional capital. Matrixport states that Grayscale Bitcoin Trust (GBTC) manages $43.5 billion in assets at its highest level and generates $870 million in annual management fees.

The SEC will respond next week to Grayscale’s GBTC filing and the resubmission of the ARK 21Shares Bitcoin ETF application. The regulator is expected to respond to seven other Bitcoin ETF applications in the first week of September.

The report said, “A physical Bitcoin ETF will likely carry a 0.7-1% management fee, which could bring in $200 million annually for ETF providers with front-loaded marketing expenses.” The report also stated that any SEC approval of a spot ETF could have a “significant positive impact” on the Bitcoin price and that investors should have sufficient “upside exposure” on any day the regulator responds to ETF applications.

If the SEC needs more time to evaluate the practicality of sharing supervision agreements, the Bitcoin price could initially correct in mid-September, which could be an “opportunity to buy,” the report added.

SEC Doesn’t Forget Ripple While Reviewing Bitcoin ETFs

The U.S. Securities and Exchange Commission (SEC) has filed a petition to appeal a federal judge’s decision on the classification of Ripple’s XRP token. Judge Torres ruled on July 13 that XRP is not a security, but the SEC was not pleased with this decision.

The SEC’s appeal move has sparked debates on the intricacies of XRP transactions and the impact of securities laws on the crypto market. At the center of the debate is a shared post by Scott Chamberlain, a prominent former lawyer and a vocal supporter of XRP. Chamberlain predicts that U.S. District Judge Analisa Torres will reject the SEC’s appeal request.