spot_imgspot_imgspot_img

SEC’s Approval of Spot Bitcoin ETF May Be Inevitable! What is the Fundamental Reason for This?

  • Former SEC Chairman Jay Clayton expressed a high optimism that the first spot Bitcoin Exchange-Traded Fund (ETF) approval is likely to happen in the US.
  • This optimism arose from the recent court decision allowing Grayscale to convert its GBTC Bitcoin Trust into a spot ETF, potentially paving the way for the first spot Bitcoin ETF.
  • This confidence stems from the fact that major financial institutions such as BlackRock, Fidelity, and Ark Invest have developed a strong trust in cash transactions in the crypto asset space.

SEC has issued a delay decision for all spot Bitcoin ETFs, but it may be inevitable for the SEC to approve spot Bitcoin ETF applications.

SEC May Approve Spot Bitcoin ETF

sec

Former Securities and Exchange Commission (SEC) Chairman Jay Clayton expressed a high optimism that the first spot Bitcoin Exchange-Traded Fund (ETF) approval is likely to happen in the US. Clayton’s view is based on several important factors shaping the market landscape.

His statement on the CNBC Squawk Box program on September 1 coincided with an optimistic period in the cryptocurrency market. This optimism arose from the recent court decision allowing Grayscale to convert its GBTC Bitcoin Trust into a spot ETF, potentially paving the way for the first spot Bitcoin ETF. However, it is important to note that the Bitcoin price has not yet responded with an upward trend to this significant development.

The former SEC Chairman expressed a strong belief that the approval of a spot ETF is almost certain given the current conditions. This confidence stems from the fact that major financial institutions such as BlackRock, Fidelity, and Ark Invest have developed a strong trust in cash transactions in the crypto asset space. Clayton emphasized that these companies effectively eliminate manipulation concerns in crypto trading. He also stated:

“It is clear that Bitcoin is not a security. This is something retail investors want to access, and importantly, it is a fact that our most trusted providers want to offer this product to the retail public. Approval is inevitable.”

Grayscale’s Lawsuit

The US Court of Appeals for the District of Columbia Circuit ruled in favor of Grayscale on August 29, 2023, in its case against federal regulatory agencies. This decision marks a major turning point in the crypto market landscape by opening the path for the conversion of the company’s Bitcoin Trust (GBTC) into a spot Bitcoin ETF.

Currently, Bitcoin is trading at $25,816. It experienced a 0.80% decrease during the day and a slight 0.90% decrease over the past week.

Don't forget to enable notifications for our Twitter account and Telegram channel to stay informed about the latest cryptocurrency news

spot_imgspot_imgspot_imgspot_img

Latest News

Historic $1.3 Billion Bitcoin Transaction Sparks Debate on Crypto Valuation

A recent colossal Bitcoin transaction has reignited discussions about Bitcoin's valuation, comparing historical trades and pondering the future of currencies in the digital age.

Ethereum Dencun Upgrade is Approaching: Which Layer 2 Tokens Stand Out?

With Ethereum's Dencun upgrade approaching, tokens of Layer-2 DeFi platforms on Ethereum have started to gain attention.

A Massive Transfer of XRP Tokens is Occurring: Will XRP Price be Suppressed?

Based on blockchain transactions, more than 400 million XRP tokens were moved today. Will XRP price drop further?

Can Grayscale Apply for SHIB ETF? Shiba Inu Community Takes Action!

The Shiba Inu community called for action as Grayscale Investments filed to launch a SHIB token ETF.

MicroStrategy, the Largest Corporate Owner of Bitcoin, Falls Victim to X Account Hack: $400,000 Lost!

MicroStrategy, the largest corporate owner of Bitcoin, falls victim to X account breach: Hackers seize $400,000!
spot_imgspot_imgspot_imgspot_img

PRO Analysis

Ethereum Breaks $3K as Rally Continues: What’s Next for ETH?

This article dives into Ethereum's recent surge past $3,000, analyzing the technical indicators and market dynamics driving its ascent and future prospects.

Will Bitcoin Rise To $50,000? Current BTC Analysis

Bitcoin is trading at $48,400 and may rise to $50,777 if it closes above $48,200. However, caution is advised in the range of $50,777 - $52,000. Corrections are common in the crypto market, so careful consideration is necessary before spot investments.

Where is the Solana Rise Target? Current SOL Analysis!

Solana is trading near the $108 resistance on the 8-hour chart, with a potential target of $111.84 if it surpasses this level. However, caution is advised in the $111.84 - $117.20 resistance range on the 6-hour timeframe.

Medium Term Ethereum Technical Analysis! What Awaits Its Investors?

When examining the medium-term technical chart of Ethereum, strong buying pressure is observed, pushing the price up from the $2139 support to the $2350 region. However, for the price to sustain its upward movement, it needs to surpass the $2407 resistance.

Can Bitcoin Fall To $35,000 Levels? Current BTC Analysis

When examining Bitcoin's 5-day technical chart, the analysis from January 18 is ongoing, indicating a continued downward movement from the $48,189 level. Bitcoin needs to close 5-day candles above the $44,200 resistance to gain momentum for an upward trend. 
Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
spot_imgspot_imgspot_imgspot_img

Historic $1.3 Billion Bitcoin Transaction Sparks Debate on Crypto Valuation

A recent colossal Bitcoin transaction has reignited discussions about Bitcoin's valuation, comparing historical trades and pondering the future of currencies in the digital age.

Ethereum Dencun Upgrade is Approaching: Which Layer 2 Tokens Stand Out?

With Ethereum's Dencun upgrade approaching, tokens of Layer-2 DeFi platforms on Ethereum have started to gain attention.

A Massive Transfer of XRP Tokens is Occurring: Will XRP Price be Suppressed?

Based on blockchain transactions, more than 400 million XRP tokens were moved today. Will XRP price drop further?