To see this decision, the SEC is about to give its approval for creating spot Bitcoin ETFs. Nevertheless, declaring victory anytime soon is not recommended, specifies James Seyffart. Official acknowledgment of Bitwise’s claim should be seen as a crucial step before the jackpot.
SEC, official recognition of Bitwise’s request
In a single day, the crypto universe has seen the greatest upheavals. Because after Ripple’s victory against the SEC, another no less interesting news just fell.
It concerns the realization of a Major Step Towards Approval of Bitwise’s Bitcoin Spot ETFa suitor among many others who recently filed a request with the American regulator.
” Bitwise Invest has had its Spot Bitcoin application recognized by the SEC just now. This basically starts the countdown for them. It will be interesting to see if any more applications are accepted today or if the SEC waits until tomorrow. »
Attention, “recognition” does not mean “approval”. As for Bitwise’s spot Bitcoin ETF, we expect at least two outcomes:
- either the SEC gives it its approval in the coming days;
- or she refuses his request.
Also worth noting is that the Securities and Commission Exchange had Grayscale, another Spot BTC ETF seeker, hanging around. This offended its administrators to the point of bringing a lawsuit against the financial policeman.
” To be clear. This is just one step in the process and it would happen even if Gensler/SEC planned to deny them next month. It is essentially a formality. But it gives us a better idea of the timeline “, continues the research analyst within Bloomberg Intelligence.
ETF Spot Bitcoin, the countdown has started?
It all started with a succession of Spot Bitcoin ETF filings with the SEC. BlackRock, ARK, VanEck, Invesco, Fidelity, Valkyrie and also Bitwise have indeed jostled in front of his door to get approval to launch bitcoin exchange-traded funds.
For James Seyffart, there is a 50% chance of seeing the SEC validate a spot Bitcoin ETF.
” A lot of people ask about timing in addition to what it means (it doesn’t mean much by the way). This estimate of the timing seems nevertheless quite precise »
This tweet highlights a publication by Éric Balchunas, which states that ” everything you need to know about the bitcoin spot ETF race in a beautiful chart by James Seyffart “.
Thus, we expect an avalanche of recognition in the coming days. Who knows if Gary Gensler will wake up on the right foot to make decisions along these lines?
In any case, the new era of growth supported by the CEO of Bitwise is not a utopia.
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