SEC Will Approve Multiple Spot Bitcoin ETF At Once

After Grayscale’s victory over the US SEC final week, prime monetary establishments and people imagine {that a} spot Bitcoin ETF is inevitable. Within the newest analysis notice, JP Morgan analysts led by Nikolaos Panigirtzoglou said that the federal securities regulator has no choice however to approve a spot Bitcoin ETF.

The SEC has delayed its determinations on spot BTC ETFs from numerous firms, together with established monetary establishments reminiscent of BlackRock, Constancy Investments, and Invesco, till at the least mid-October.

Of their analysis notice, the analysts emphasised that for the SEC to say no each Grayscale’s bid to rework its GBTC product right into a spot BTC ETF, it could necessitate a reversal of its previous approvals of futures-based ETFs. They additional famous that such a transfer can be extremely disruptive and doubtlessly embarrassing for the SEC, making it seem unlikely.

Thus, the analysts added that “it seems extra doubtless that the SEC can be pressured to approve the spot bitcoin ETF purposes which might be nonetheless pending from a number of asset managers, together with that from Grayscale,” This postponement “doubtless factors to approval of a number of spot bitcoin ETF purposes directly moderately than granting a first-mover benefit to any single applicant, The Block.

SEC’s Latest Delay of Spot Bitcoin ETFs Hints A number of Approvals

Final Thursday, August 31, the US SEC delayed its decision on the entire seven spot Bitcoin ETFs including that it could require enough time to think about the proposed rule change. The subsequent overview from the SEC is pending mid-October 2023.

Commenting on this, the JPMorgan analysts added: This postponement “doubtless factors to approval of a number of spot bitcoin ETF purposes directly moderately than granting a first-mover benefit to any single applicant”.

“That may very well be helpful for buyers as it could enable for extra competitors by way of ETF charges. Grayscale will doubtless face even greater stress to decrease charges if its belief will get approval to be transformed to the biggest bitcoin spot ETF on the earth,” the analysts added.

Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s repeatedly in a studying course of and retains himself motivated by sharing his acquired information. In free time he reads thriller fictions novels and generally discover his culinary abilities.

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