The odds of a Bitcoin spot ETF being approved in the US this year have increased to 75%, according to ETF analysts Eric Balchunas and James Seyffart from Bloomberg. They believe that the US Securities and Exchange Commission (SEC) now has very little room to deny the approval of a Bitcoin spot ETF, especially after suffering both legal and PR losses following Grayscale Investments’ win. Balchunas and Seyffart predict a 75% probability of approval in 2023 and a 95% probability by the end of next year.
Increased Odds for Spot ETF Approval
Balchunas and Seyffart have revised their odds for the approval of a Bitcoin spot ETF in the US. They now believe there is a 75% chance of approval this year, up from their previous estimate of 65%. This is due to the recent court decision to grant a review petition filed by Grayscale Investments. The unanimous and decisive ruling has left the SEC with very little room to deny the approval of a spot ETF.
Legal and PR Losses for the SEC
The SEC has suffered both legal and PR losses following Grayscale Investments’ win. The legal blow, combined with the PR loss, makes it politically untenable for the SEC to deny the approval of a Bitcoin spot ETF. Balchunas believes that the SEC’s loss in the Grayscale lawsuit has increased the odds of a spot ETF finally being approved. The mainstream media’s coverage of the story and its implications also work against the agency. Ultimately, the SEC will find it difficult to deny the spot ETF application by crypto asset management firm Hashdex, as the unique and novel approach for spot Bitcoin exposure in decentralized finance (DeFi) should alleviate concerns about spot manipulation and settlement.
Upcoming ETF Decisions
While the SEC may still potentially delay or deny upcoming ETF decisions, Balchunas and Seyffart believe the regulator will have a difficult time denying the unique approach proposed by Hashdex. The SEC recently delayed a decision on the Ark 21Shares Bitcoin ETF proposal, and soft deadlines for several filings, including those from BlackRock and Fidelity, are approaching.
Conclusion
The odds of a Bitcoin spot ETF being approved in the US have increased to 75%, according to ETF analysts Eric Balchunas and James Seyffart. They believe that the SEC now has very little room to deny the approval, especially after the legal and PR losses suffered following Grayscale’s win. Balchunas and Seyffart predict a high probability of approval in 2023, rising to 95% by the end of next year. While the SEC may still delay or deny upcoming ETF decisions, they will find it difficult to deny the unique approach proposed by Hashdex..
#Bitcoin #spot #ETF #Expert #SEC #wiggle #room
Increased Odds for Spot ETF Approval
Balchunas and Seyffart have revised their odds for the approval of a Bitcoin spot ETF in the US. They now believe there is a 75% chance of approval this year, up from their previous estimate of 65%. This is due to the recent court decision to grant a review petition filed by Grayscale Investments. The unanimous and decisive ruling has left the SEC with very little room to deny the approval of a spot ETF.
Legal and PR Losses for the SEC
The SEC has suffered both legal and PR losses following Grayscale Investments’ win. The legal blow, combined with the PR loss, makes it politically untenable for the SEC to deny the approval of a Bitcoin spot ETF. Balchunas believes that the SEC’s loss in the Grayscale lawsuit has increased the odds of a spot ETF finally being approved. The mainstream media’s coverage of the story and its implications also work against the agency. Ultimately, the SEC will find it difficult to deny the spot ETF application by crypto asset management firm Hashdex, as the unique and novel approach for spot Bitcoin exposure in decentralized finance (DeFi) should alleviate concerns about spot manipulation and settlement.
Upcoming ETF Decisions
While the SEC may still potentially delay or deny upcoming ETF decisions, Balchunas and Seyffart believe the regulator will have a difficult time denying the unique approach proposed by Hashdex. The SEC recently delayed a decision on the Ark 21Shares Bitcoin ETF proposal, and soft deadlines for several filings, including those from BlackRock and Fidelity, are approaching.
Conclusion
The odds of a Bitcoin spot ETF being approved in the US have increased to 75%, according to ETF analysts Eric Balchunas and James Seyffart. They believe that the SEC now has very little room to deny the approval, especially after the legal and PR losses suffered following Grayscale’s win. Balchunas and Seyffart predict a high probability of approval in 2023, rising to 95% by the end of next year. While the SEC may still delay or deny upcoming ETF decisions, they will find it difficult to deny the unique approach proposed by Hashdex..
#Bitcoin #spot #ETF #Expert #SEC #wiggle #room
