Ethereum

Bitcoin ETF

Bitcoin

James

<div class="cryptonews">
 <p class="is-style-lead">In a recent episode of The Scoop podcast, Bloomberg Intelligence analysts James Seyffart and Eric Balchunas predict a high likelihood of the SEC approving a series of spot Bitcoin ETFs between Jan. 5-10.</p>
 <p>Seyffart and Balchunas’s prediction aligns with the final deadline for the ARK and 21Shares application, initially filed in April, preceding other major players like BlackRock in June in a competitive field of 12 firms.</p>
 <p>Seyffart speculates that the Securities and Exchange Commission (SEC) has been strategically delaying decisions, possibly to align multiple approvals simultaneously. This approach would prevent any single firm from gaining an unfair advantage. Seyffart warns that if the SEC were to deny these applications, it would represent a significant shift in its approach, akin to “going nuclear.”</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">BREAKING <br><br>SEC holds another meeting with BlackRock <br>to discuss its Spot #Bitcoin ETF.<br><br>As per Bloomberg Intelligence analyst James Seyffart, the window for <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of a Spot ETF is from January 5–10, 2024.<br><br>And the market is already expecting ETF <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> by next month.</p>— Ash Crypto (@Ashcryptoreal) December 15, 2023
   </blockquote>
  </div>
 </figure>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Goldman Sachs forecasts dramatic surge in blockchain asset trading volumes by 2025
 </div>
 <p>The SEC’s reluctance to play kingmaker in the cryptocurrency ETF arena reflects its efforts to maintain neutrality and fairness. Seyffart, citing various sources, believes that the SEC’s pattern of behavior, especially observed during the <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of ether futures ETFs earlier this year, indicates a likelihood of mass <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of Bitcoin spot ETFs.</p>
 <p>The conversation also touched on Grayscale Investments’ victory against the SEC, which could influence the <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a> of its Grayscale Bitcoin Trust (GBTC) product into a spot Bitcoin ETF. Seyffart notes that this case has backed the SEC into a corner, potentially accelerating <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a>s.</p>
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
  <div class="wp-block-embed__wrapper">
   <div class="rll-youtube-player" data-src="https://www.youtube.com/embed/hMavd-2bBmw" data-id="hMavd-2bBmw" data-query="feature=oembed" data-alt="BlackRock's Spot Bitcoin ETF Application has the SEC 'Backed into a Corner' | The Scoop Podcast"></div>
   <noscript><iframe title="BlackRock's Spot Bitcoin ETF Application has the SEC 'Backed into a Corner' | The Scoop Podcast" width="1020" height="574" src="https://www.youtube.com/embed/hMavd-2bBmw?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
   </noscript>
  </div>
 </figure>
 <p>However, the path for spot ether ETFs appears more complex, given the differences in market robustness and underlying technologies between Bitcoin (BTC) and Ethereum (ETH). While optimistic, Seyffart suggests that <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a>s for ether spot ETFs are more likely towards the end of May 2024, yet with less certainty compared to Bitcoin ETFs.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> SEC is taking ‘new look’ at spot Bitcoin ETF applications
 </div>
 <p>Seyffart also explains that following the SEC’s 19b-4 process <a rel="noopener noreferrer nofollow" title="approval" href="https://thebittimes.com/tag/approval.html">approval</a>, ETFs “must have their S-1 prospectuses cleared by the SEC’s Corporate Finance division before trading can commence.” This process could introduce delays, adding to the uncertainty of a precise timeline for the ETFs’ market debut.</p>
 <p>Seyffart anticipates a cautious initial uptake regarding market reception due to the rigorous due diligence processes of major brokerages and banks. However, he predicts that BlackRock might expedite the inclusion of these ETFs on various platforms, given its strong industry relationships.</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">Nice find here: Gensler's staff met with BlackRock yesterday to talk $IBTC but it wasn't normal crew, more public policy folks incl BlackRock's Public Policy Director Ben Tecmire who btw used to be senior counsel at the SEC's Division of Inv Mgmt https://t.co/bMePGpOufK</p>— Eric Balchunas (@EricBalchunas) December 15, 2023
   </blockquote>
  </div>
 </figure>
 <p>Seyffart expressed confidence in the long-term success of these ETFs, projecting substantial capital inflows driven by both hype and the strategic interests of major asset owners.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Galaxy’s Novogratz predicts Bitcoin reaching $70k with ETF approval
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/bloomberg-expert-bitcoin-etf-approvals-anticipated-in-january-ethereum-in-unique-position-tbt73850.html">https://thebittimes.com/bloomberg-expert-bitcoin-etf-approvals-anticipated-in-january-ethereum-in-unique-position-tbt73850.html</a></p>

Bloomberg expert: Bitcoin ETF approvals anticipated in January; Ethereum in unique position

TheBitTimes

Other articles published on Dec 15, 2023

Crucial indicators reveal a shift among cryptocurrency traders, with a growing preference for Eth...

Solana Memecoin BONK Rallies By 110% Amid Binance Listing, Overtakes Shiba Inu In Trading Volumes

Bitget Lists ALEX Lab (ALEX) On BTC Ecosystem Zone To Support Innovation In Crypto Landscape (15 ...

P2E Trailblazer Tamadoge Unveils Groundbreaking NFT Breeding Feature After Introducing New Tamado...

Blockchain Technology Company Paxos Releases its 2023 Digital Asset Survey! Here are the Details!

Prominent DEX THENA Integrates Orbs’ Liquidity Hub on BNB Chain

Join our free newsletter for daily crypto updates!