- Deaton reacts to the recent changes in the language and tone of the U.S. Securities and Exchange Commission (SEC) regarding the approval of spot Bitcoin ETFs.
- Deaton believes that Gensler’s perspective hasn’t changed, and he could still accuse Bitcoin of being used for terrorist financing or criminal activities.
- Executives like Mike Novogratz from Galaxy Digital and Cathie Wood from ARK Invest are confident that the SEC will approve spot Bitcoin ETFs this year.
XRP supporter lawyer John Deaton examines how the SEC and Gary Gensler are approaching spot Bitcoin ETFs: Could there be personal reasons?
Famous Lawyer Clarifies the ETF Issue
XRP supporter lawyer John Deaton has examined how the SEC and Gary Gensler approach spot Bitcoin ETFs, suggesting that personal reasons could be behind the recent change in the SEC’s tone and language concerning the approval of spot Bitcoin ETFs. He notes that constructive discussions are widespread regarding necessary changes to spot Bitcoin ETF applications.
Lawyer John E. Deaton responded to an article by analyst Scott Melker, also known as “The Wolf Of All Street,” about the change in language and tone regarding spot Bitcoin ETFs, saying, “Scott is correct.” Deaton stated:
“I’m someone who can write a lengthy thesis stating the SEC could deny a spot Bitcoin ETF again, not because of any data or case examples but because it wasn’t a rejection following federal courts finding the SEC hypocritical, arbitrary, and capricious.”
Deaton believes that Gensler’s perspective hasn’t changed and that he could still accuse Bitcoin of being used for terrorist financing or criminal activities. However, he thinks that federal judges finding the SEC hypocritical, arbitrary, and capricious and the losses in the Grayscale case have had a significant impact on the SEC.
When making comments about the reasons, Deaton said, “I may be wrong, but I associate this with the Court loss and the Larry Fink effect.” He believes that Gensler only cares about donors or institutions and what they think.
The crypto community claims that after his term ends, Gensler will follow in the footsteps of former SEC Chairman Jay Clayton and former SEC Director Bill Hinman by furthering his career at major institutions like Goldman or BlackRock.
Optimism for Bitcoin ETF Approval Is Increasing
Bloomberg ETF analysts revealed that there are constructive discussions between the SEC and Bitcoin ETF issuers. These discussions cover custody regulations, GAAP compliance, risk disclosures, and electricity consumption in mining. Bloomberg also raised the likelihood of spot Bitcoin ETF approval to 90%.
Executives like Mike Novogratz from Galaxy Digital and Cathie Wood from ARK Invest are confident that the SEC will approve spot Bitcoin ETFs this year.
