What is the Likelihood of SEC Approving Spot Bitcoin ETF Applications?

• Bloomberg Intelligence analyst James Seyffart provided insights into what ETFs could mean for the global acceptance of Bitcoin and cryptocurrencies.
• As traditional finance giants enter the crypto arena, BlackRock is positioning itself as a major player. Through collaborations with Nasdaq and Coinbase, they aim to respond to the SEC’s demand for oversight.
• Seyffart echoes Galaxy CEO Mike Novogratz’s belief that Judge Torres’ decision in the Ripple case was a significant win for the company.

The countdown for the SEC’s response to spot Bitcoin ETF applications has begun; How will a possible approval affect the market?

Will the SEC Approve Spot Bitcoin ETFs?

Rumors are getting louder on Wall Street, all about the potential approval of the US Securities and Exchange Commission’s (SEC) spot Bitcoin ETF. Following the groundbreaking XRP decision, Bloomberg Intelligence analyst James Seyffart sheds light on what this could mean for the global acceptance of Bitcoin and cryptocurrencies.

According to Seyffart, the chances of approval are around 50%. This is because the SEC has completed the list of conditions required to give the green light to a Bitcoin ETF. Seyffart points out the SEC’s demand for a surveillance-sharing agreement with a regulated major market, a condition that has been echoed in every rejection letter given by the SEC in the past.

Amidst a field filled with ETF applications, all eyes are on BlackRock. As traditional finance giants enter the crypto arena, BlackRock is positioning itself as a major player. Through collaborations with Nasdaq and Coinbase, they aim to respond to the SEC’s demand for oversight. Seyffart also highlights that crypto giant Binance US could play a significant role with its massive trading volume.

Impact of the XRP Decision on Bitcoin ETFs

Seyffart reiterates Galaxy CEO Mike Novogratz’s belief that Judge Torres’ decision in the Ripple case was a significant win for the company. However, Ripple still faces challenges. The possibility of negativity looms, and SEC Chairman Gary Gensler could respond with countermeasures. According to Seyffart, it’s time for the US Congress to clarify the rules of the crypto game.

As the countdown begins for the decision on the spot Bitcoin ETF, Seyffart argues that the approval of Ark 21Shares Bitcoin ETF is more critical than BlackRock’s approval. The rejection of Ark’s ETF could set an example and lead to delays in other Bitcoin ETF decisions.

Amidst discussions on Fidelity’s Ethereum ETF, Nasdaq’s crypto custody business plans, and the debates around the EU’s MiCA regulation, the countdown for the SEC’s decision on spot Bitcoin ETFs has begun. Regardless of the outcome, this decision promises to be far-reaching and transformative for the cryptocurrency sector.