Cryptocurrency markets might soon witness a significant development with the possible approval of multiple Bitcoin ETFs. Attorney John Deaton, known for his role in representing XRP holders in the ongoing SEC vs. Ripple case, predicts the U.S. could see the green light for Bitcoi...
Cryptocurrency markets might soon witness a significant development with the possible approval of multiple Bitcoin ETFs. Attorney John Deaton, known for his role in representing XRP holders in the ongoing SEC vs. Ripple case, predicts the U.S. could see the green light for Bitcoin ETFs as early as the end of 2023. Deaton suggests that such a decision could align ideally with the Bitcoin Halving and Federal Reserve’s interest rate decisions slated for the second or third quarter of 2024.
Moreover, Deaton ventures that the approval could ignite a sharp rise in Bitcoin’s value, potentially soaring to $220,000 within 18 months following the ETFs’ approval. This price target echoes predictions by Bitcoin enthusiast Max Keiser, reinforcing optimism among cryptocurrency advocates.
Additionally, developments in the SEC vs. Ripple case bring further attention to the evolving regulatory stance on cryptocurrencies. Recently, Ripple executives Brad Garlinghouse and Chris Larsen were spared from charges by the SEC, hinting at a possible shift in the regulatory approach towards digital currencies.
Hence, the regulatory environment appears to be in flux, with potential changes emerging on the horizon. Wendy O, a key cryptocurrency influencer, points to a possible overhaul in crypto regulations around 2025, influenced by the upcoming change in the U.S. presidential administration. Deaton notes that for any substantial regulatory changes, including those concerning stablecoins, a comprehensive legislative process involving the House, Senate, and President is necessary. He cautions that such processes tend to be lengthier in an election year, implying that it may be the end of 2025 before new regulations come into effect.
However, the passage of these regulations will likely depend on the political composition of the government, whether Republican or Democrat and its sway over both legislative houses.
As the cryptocurrency market anticipates these potential shifts, Gary Gensler’s term as SEC Chair is expected to conclude in June 2026, adding another layer to the complex tapestry of cryptocurrency regulation.
The unfolding scenario presents a dynamic picture for cryptocurrencies, with regulatory decisions poised to shape the market’s future. Investors and market watchers alike are keeping a close eye on these developments, understanding that the perfect alignment of regulatory approval and market mechanisms could signal a new era for Bitcoin and the broader crypto market.