<![CDATA[<figure class="image"><img src="https://cimg.co/news/126482/333948/bitcoin-etf-media-library.jpeg" srcset="https://cimg.co/news/126482/333948/responsive-images/bitcoin-etf-media-library___media_library_original_900_600.jpeg 900w, https://cimg.co/news/126482/333948/responsive-images/bitcoin-etf-media-library___media_library_original_720_480.jpeg 720w, https://cimg.co/news/126482/333948/responsive-images/bitcoin-etf-media-library___media_library_original_600_400.jpeg 600w, https://cimg.co/news/126482/333948/responsive-images/bitcoin-etf-media-library___media_library_original_300_200.jpeg 300w" width="900" class="content-img" alt=""><figcaption>Source: iStock/Photographer, Filmmaker, Designer</figcaption></figure>The&nbsp;Securities and Exchange Commission (SEC)&nbsp;has seemingly conceded its battle against a&nbsp;<a href="https://cryptonews.com/coins/bitcoin/">Bitcoin (BTC)</a>&nbsp;exchange-traded fund (ETF)&nbsp;as the deadline for an appeal passed on Friday.&nbsp;With the agency's inability to appeal a key court ruling, many now predict that a Bitcoin ETF will soon make its way to the market, potentially as early as January 10, according to&nbsp;<a href="https://fortune.com/crypto/2023/10/16/grayscale-v-sec-no-appeal-bitcoin-etf-coming-soon/">analysts at Bloomberg</a>.The SEC's decision not to challenge the August court ruling in the case of Grayscale vs. SEC is unlikely to be a result of a change of heart by Chair Gary Gensler.&nbsp;Rather, it is believed that the agency's limited legal resources, coupled with the court's dismantling of the SEC's justification for denying the ETF, led to their decision to fold their cards.Back in May, a&nbsp;<a href="https://cryptonews.com/news/xrp-price-prediction-as-judge-rules-favor-of-ripple-deny-sec-motion-seal-hinman-documents-xrp-1.htm">US court ruled in favor of Ripple</a>&nbsp;in the ongoing lawsuit brought by the SEC, claiming that selling XRP on exchanges in itself does not constitute an investment contract.&nbsp;The ruling, issued by the&nbsp;District Court for the Southern District of New York, stated that the &ldquo;offer and sale of XRP on digital asset exchanges did not amount to offers and sales of investment contracts.&rdquo;However, the federal judge also ruled that&nbsp;<a href="https://cryptonews.com/tags/xrp/">XRP</a>&nbsp;is a security when sold to institutional investors, as it met the conditions set in the Howey Test.<h2 id="it-remains-unclear-which-company-will-be-greenlighted-etf-first">It Remains Unclear Which Company Will Be Greenlighted ETF First</h2>Meanwhile, the specific company that will offer the ETF and the implications for the crypto markets, which have experienced a prolonged slump, remain uncertain.Grayscale has been at the forefront of the legal battle to secure SEC approval for a Bitcoin ETF, a type of fund that has been available in Europe and Canada for years.&nbsp;As the court proceedings started to favor Grayscale, major players in the financial industry, including BlackRock and Fidelity, also filed applications to offer their own ETFs.&nbsp;Given the optics, it would not be surprising if the SEC grants approval to a well-known traditional finance company like BlackRock first.The more intriguing question revolves around the impact of a long-awaited ETF on the crypto markets.&nbsp;For years, the industry has anticipated that institutional money flowing into cryptocurrencies would be a game-changer, injecting billions of dollars of new capital and driving up prices.&nbsp;With the ETF on the horizon, it is easy to envision large asset managers encouraging clients to allocate a portion of their portfolios to Bitcoin.However, there is a concern within the industry that this influx of institutional money may not materialize as anticipated.&nbsp;While crypto prices have maintained respectable levels, trading volumes have dropped significantly, creating the impression that the industry has lost its appeal.&nbsp;A significant price rally driven by the ETF's introduction would undoubtedly change the narrative and generate much-needed enthusiasm.&nbsp;But if such a rally fails to materialize, the pressure on the crypto industry will intensify to demonstrate that current conditions are on the cusp of transformation.
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SEC's Surrender: Bitcoin ETF on the Horizon, Experts Predict

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