In a recent interview with Thinking Crypto, James Seyffart, an ETF Research Analyst at Bloomberg, delved into the latest happenings in the cryptocurrency market and the potential green light for Bitcoin spot ETFs. He also touched upon the influential roles of major players like BlackRock and the European Union’s endorsement of a Bitcoin spot ETF. Here, we break down the key takeaways from their conversation.
Seyffart noted that the odds of Bitcoin spot ETFs gaining approval in 2023 have surged to 75%. He attributed this uptick in optimism to a combination of factors, encompassing heightened regulatory pressure, political considerations, and the recent pivotal court ruling in the case of Grayscale Investments.
When discussing the prospect of the SEC appealing the Grayscale ruling, Seyffart outlined two potential scenarios. He deemed the likelihood of an appeal reaching the Supreme Court highly improbable, primarily due to the current court’s stance on the matter.
Seyffart briefly acknowledged the ongoing legal tussle between Coinbase and the SEC, acknowledging that it’s a situation garnering close scrutiny. He underscored the potential complexities arising from the SEC’s lawsuit against a company they simultaneously collaborate with as a surveillance-sharing partner.
He further commented, “The SEC may have taken a hit, but it’s not an outright defeat. On the flip side, it’s not a resounding victory for Ripple either. It’s a somewhat mixed outcome. This saga is ongoing, with an appeal in the works. It remains an intriguing watch, but one thing is certain – it’s a setback for Gary Gensler and the SEC.”
Concluding the interview, Seyffart touched upon the anticipated timeline for the approval of Bitcoin spot ETFs. While he did entertain the possibility of a late Q4 approval, he leaned toward Q4 as the most plausible timeframe for the green light. Nonetheless, he acknowledged the potential for unforeseen developments, such as swift approvals or delays, contingent upon the SEC’s actions.
Source: https://coinpedia.org/bitcoin/bitcoin-etf-news-analyzing-the-2023-approval-odds/