Bitcoin ETF

Bitcoin

Spot

<p>The post <a href="https://coinpedia.org/news/xrp-lawyer-john-deaton-raises-concerns-over-secs-approach-to-spot-bitcoin-etf-approval/">Spot Bitcoin ETF Approval Looms, But is the SEC’s Approach Correct?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>New thrills everyday! <a href="https://coinpedia.org/news/xrp-lawyer-john-deaton-slams-former-sec-officials-for-market-regulation-failure/">John E. Deaton</a>, the influential XRP lawyer and founder of Crypto Law US, is sounding alarms about the United States Securities and Exchange Commission’s (SEC) handling of the eagerly awaited spot Bitcoin ETF approval.</p> 
<p>The cryptocurrency scene is buzzing with excitement as <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/">Bitcoin’s price</a> shoots past $44,000, a high not seen in 19 months. Experts credit this surge to growing expectations of the SEC possibly approving a spot Bitcoin ETF, rumored to happen between December 7-10.</p> 
<h2 class="wp-block-heading" id="regulatory-hurdles-a-warning-note">Regulatory Hurdles: A Warning Note</h2> 
<p>Adding a touch of reality to the optimism, former SEC luminary John Reed Stark shares insights through Deaton, hinting at potential regulatory challenges that could cast doubt on the ETF’s approval and stir discussions among investors.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Joe might be right here. Why would the SEC go to all the trouble of requiring a proviso like this if the SEC planned to decline the application? <br><br>While I still believe the 90% likelihood of an SEC bitcoin spot ETF approval seems somewhat random, Joe is a great lawyer who may be…</p>— John Reed Stark (@JohnReedStark) <a href="https://twitter.com/JohnReedStark/status/1732080388283986291?ref_src=twsrc%5Etfw">December 5, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Legal expert Joe Carlasare dives into the recent <a href="https://coinpedia.org/news/blackrock-dives-deeper-into-crypto-with-100k-seed-capital-in-bitcoin-etf/">BlackRock/iShares</a> S-1 filing, pointing out the SEC’s request for language hinting that Bitcoin might be deemed a security. This development raises questions about the SEC’s intentions, given the strong signs pointing to a Bitcoin spot ETF approval.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Interesting update to BlackRock / IShares S-1 filing regarding the concern that the SEC could take an approach that Bitcoin is a potential security <img src="https://s.w.org/images/core/emoji/14.0.0/72x72/1f9d0.png" alt="🧐" class="wp-smiley" style="height: 1em; max-height: 1em;"> <br><br>Seems silly, but apparently the SEC wants that language in there. <a href="https://t.co/84sCkgFncC">pic.twitter.com/84sCkgFncC</a></p>— Joe Carlasare (@JoeCarlasare) <a href="https://twitter.com/JoeCarlasare/status/1732072315649745018?ref_src=twsrc%5Etfw">December 5, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>Read More: <a href="https://coinpedia.org/news/anticipating-sec-approval-blackrock-and-bitwise-revamp-bitcoin-etf-applications/">BlackRock and Bitwise Revamp Bitcoin Spot ETF Applications</a></p> 
<h2 class="wp-block-heading" id="h-deaton-voices-his-concern">Deaton Voices His Concern</h2> 
<p>Reacting to Stark’s analysis of <a href="https://coinpedia.org/news/sec-chair-gary-gensler-maintains-silence-on-future-of-spot-bitcoin-etfs-amid-ongoing-reviews/">SEC Chair Gensler’s strategy</a>, John Deaton expresses worry about a looming regulatory “rug pull.” Despite Bitcoin’s surging prices due to the expected <a href="https://coinpedia.org/crypto-live-news/sec-delays-decision-on-grayscales-ethereum-spot-etf/">spot Bitcoin ETF</a> approval, Deaton warns of a potential setback from the SEC’s strict stance under Gensler.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">With people saying the market is pricing in a 90% chance for approval for a Spot <a href="https://twitter.com/hashtag/BTC?src=hash&amp;ref_src=twsrc%5Etfw">#BTC</a> ETF, is <a href="https://twitter.com/GaryGensler?ref_src=twsrc%5Etfw">@GaryGensler</a> about to pull off the greatest Regulatory Rug Pull of all time? <a href="https://t.co/dUMSMkw5XU">https://t.co/dUMSMkw5XU</a></p>— John E Deaton (@JohnEDeaton1) <a href="https://twitter.com/JohnEDeaton1/status/1732121640354410989?ref_src=twsrc%5Etfw">December 5, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<p>If the SEC labels Bitcoin as a security, it could reshape the trading landscape, subjecting the digital asset to increased regulatory scrutiny and potentially slowing down its momentum.</p> 
<h2 class="wp-block-heading" id="h-tension-builds-what-will-the-sec-decide">Tension Builds: What Will the SEC Decide?</h2> 
<p>With the cryptocurrency market riding high on Bitcoin’s surge, the final decision on spot Bitcoin ETF approvals remains uncertain. This decision holds weight, as approval could push Bitcoin beyond $50,000. Conversely, a negative ruling—especially one involving Bitcoin’s classification as a security—could pose a significant hurdle to the asset’s price recovery.</p> 
<p>Bloomberg Analyst James Seyffart shares similar sentiments, predicting a potential spot Bitcoin ETF approval around December 10. Additionally, he anticipates a green light for ARK Invest’s Spot Bitcoin ETF by <a href="https://coinpedia.org/news/secs-spot-bitcoin-etf-decision-is-officially-between-january-5-and-10-confirms-top-bloomberg-analyst/">January 10</a> of the following year.</p> 
<figure class="wp-block-embed is-type-rich is-provider-twitter wp-block-embed-twitter">
 <div class="wp-block-embed__wrapper"> 
  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">Here's the most updated version of my spot <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw">#Bitcoin</a> ETF race table <a href="https://t.co/jYmrg8SI3I">pic.twitter.com/jYmrg8SI3I</a></p>— James Seyffart (@JSeyff) <a href="https://twitter.com/JSeyff/status/1732164193615241277?ref_src=twsrc%5Etfw">December 5, 2023</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
 </div>
</figure> 
<h2 class="wp-block-heading" id="h-we-re-in-the-endgame-now">We’re in the Endgame Now!</h2> 
<p>The cryptocurrency market stands at the edge of anticipation as it awaits the SEC’s decision. The approval of a spot Bitcoin ETF could mark a groundbreaking era for Bitcoin and the broader cryptocurrency landscape, potentially ushering in a wave of institutional adoption and investment. Conversely, a negative decision—particularly one involving the classification of Bitcoin as a security—could send ripples through the market, challenging Bitcoin’s resilience and threatening its upward momentum.</p> 
<p>This Might Interest You: <a href="https://coinpedia.org/news/how-will-the-crypto-market-react-to-the-u-s-approving-its-first-bitcoin-etf/">Are We Ready for a Crypto Price Boom? Bitcoin Halving, Spot ETFs &amp; More</a></p>

Spot Bitcoin ETF Approval Looms, But is the SEC’s Approach Correct?

Table of Contents

CoinPedia News

Other articles published on Dec 6, 2023

Venture Capital Revival: Crypto and Web3 Investments Surge Amid Bitcoin Rise

Ethereum (ETH) Price Prediction: Targeting the $3,400 Mark

Developer Says Ordinals Are Exploiting a “Vulnerability” to Spam Bitcoin Network, Proposes Bug Fix

Far Eastern Technology Country is Preparing to Remove Cryptocurrency Tax for Corporate Companies!

Congressman Grills SEC Representative on Crypto Regulation and Clarity

Adoption For Augmented Reality (AR) Devices May Rise Next Year

Join our free newsletter for daily crypto updates!