Bitcoin ETF

Bitcoin

Spot

James

Amid the prevailing speculation surrounding an impending decision, JPMorgan analysts led by Nikolaos Panigirtzoglou, have asserted that a rejection of Spot Bitcoin (BTC) Exchange Traded Fund (ETF) by the Securities and Exchange Commission (SEC) could potentially lead to legal repercussions.&nbsp; 
<h2 id="b-jpmorgan-confident-of-bitcoin-spot-etf-approval-b">JPMorgan Confident of Bitcoin Spot ETF Approval</h2> 
Per <a href="https://www.thestreet.com/crypto/policy/jpmorgan-says-sec-will-approve-bitcoin-etfs-as-rejection-could-trigger-lawsuits#:~:text=Analysts%20from%20%24400%20billion%20financial,further%20court%20battles%20over%20its">reports</a>, the financial institution’s representative highlighted the precarious position the regulatory agency might find itself in, emphasizing the possibility of facing legal challenges if it opts to deny approval, particularly considering the substantial number of applications currently under its scrutiny. 
Notably, JPMorgan’s comment sheds light on the heightened stakes surrounding the SEC’s deliberation on the Bitcoin ETF. The anticipation has been palpable within the financial industry, with various stakeholders closely monitoring the regulatory landscape for cues on the fate of this high-profile investment vehicle.&nbsp; 
Also, the concerns expressed by JPMorgan underscore the legal complexities entwined with the SEC’s decision-making process. Although, the likelihood of a rejection is very slim. 
<h2 id="b-analysts-increase-odd-of-spot-btc-etf-approval-b">Analysts Increase Odd of Spot BTC ETF Approval</h2> 
Just recently, Coinbase, the largest crypto trading platform in the United States, is very <a href="https://thecoinrise.com/coinbase-is-confident-of-bitcoin-spot-etf-approval/">confident about the approval of a spot BTC ETF in the country</a>. The company’s legal head believes that the approval is almost certain with the regulator’s defeat against digital asset investment firm Grayscale.&nbsp; 
Interestingly, the Coinbase legal head did not reveal a date as to when a Bitcoin ETF approval will come but noted that it could be sooner than expected. However, the ultimate decision remains on the SEC’s shoulders. 
Similarly, Bloomberg ETF analysts Eric Balchunas and James Seyffart raised the <a href="https://thecoinrise.com/bloomberg-analysts-see-90-probability-of-having-spot-bitcoin-etf-approval/">probability of getting a spot BTC ETF approval from the SEC to 90%.</a> The prediction comes after Cathie Wood’s ARK Invest and 21Shares updated its spot BTC ETF prospectus as requested by the regulator. 
<h2 id="b-sec-postpones-spot-bitcoin-etf-decision-to-2024-b">SEC Postpones Spot Bitcoin ETF Decision to 2024</h2> 
Last month, the regulator mentioned that it is appropriate to designate a longer period within which to issue an order approving or disapproving the proposed rule change so that it has sufficient time to consider the proposed rule change.&nbsp; 
As such, it <a href="https://thecoinrise.com/sec-delays-decision-on-ark-21sharess-spot-bitcoin-etf-application/">further postponed a decision on ARK 21Shares spot Bitcoin ETF </a>to 2024. Noteworthy, the ARK 21Shares Bitcoin Exchange Traded Fund was supposed to be due by November 11. 
Likewise, Valkyrie had its spot BTC ETF application decision postponed by the SEC. All things being equal, a decision from the SEC on the spot BTC ETF applications is expected by January 10, 2024. 
The post <a rel="nofollow" href="https://thecoinrise.com/rejection-of-spot-bitcoin-etf-could-lead-to-legal-repercussions-jpmorgan/">Rejection of Spot Bitcoin ETF Could Lead to Legal Repercussions: JPMorgan</a> appeared first on <a rel="nofollow" href="https://thecoinrise.com">Latest News and Insights on Blockchain, Cryptocurrency, and Investing</a>.

Rejection of Spot Bitcoin ETF Could Lead to Legal Repercussions: JPMorgan

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