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SEC Set to Approve First Spot Bitcoin ETFs in January, Analyst Says

The US Securities and Exchange Commission (SEC) will approve the first spot Bitcoin ETFs around January 8-10. This is the opinion in the podcast The Scoop expressed Bloomberg analyst James Seyffarth.

In his opinion, the SEC strategically delayed applications for the instrument in order to approve most of them at the same time and thereby not give an advantage to one of the issuers. That is why Seyffart is confident of massive approval of requests in January.

“The SEC does not want to pick favorites in these races, whether it is to obtain more assets or liquidity. […] So, if the Commission is going to approve them, then it will probably approve them all at once, because it does not want to play the role of kingmaker,” the analyst explained.

An additional argument in favor of the approval of a Bitcoin ETF is Grayscale’s victory in court against the SEC in August. Seyffart said the Commission was “backed into a corner by the judges.”

Earlier, SEC Chairman Gary Gensler said that the agency was reviewing its approach to the tool after “court decisions.” According to him, the regulator is now studying from 8 to 12 applications.

Recall that on December 12, Seyffart reported that over the past week, SEC officials discussed Bitcoin ETFs with representatives of BlackRock, Grayscale, Franklin Templeton and Fidelity.

Hashdex analysts predicted the start of trading in the instrument in the second quarter of 2024.

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2023-12-17 08:07:15
#SEC #massively #approve #applications #Bitcoin #ETFs #January #ForkLog

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