XRP Lawyer Hints Potential Approval Timeline

John E. Deaton, recognized for his advocacy on behalf of XRP holders, has shared insights into the potential approval timeline of Bitcoin spot Change Traded Funds (ETFs), suggesting that the Securities and Change Fee (SEC) is perhaps nearer to giving the inexperienced mild than many consider.

The Rising Bitcoin ETF Approval Hypothesis

Deaton highlighted in a recent post on the X platform that the approval of a Bitcoin ETF is now a certainty, predicting that it might happen “earlier than the tip of the yr or actually earlier than the tip of the first Quarter of 2024.”

Certainly one of two issues:

1) the @SECGov has capitulated on the spot #BTC ETF and approval, earlier than the tip of the yr, or actually, earlier than the tip of the first Quarter of 2024, is a certainty;

or

2) the SEC is gathering extra data throughout these discussions to give you a… https://t.co/NQqTfof6It

— John E Deaton (@JohnEDeaton1) October 23, 2023

Deaton’s intriguing commentary got here in response to the continuing debate surrounding the approval of a Bitcoin ETF. He famous that the SEC appeared to be within the means of succumbing relating to spot Bitcoin ETF approval.

This sudden change within the SEC’s stance has sparked hypothesis amongst crypto lovers and traders, with many questioning if Bitcoin ETFs will certainly turn into a actuality within the close to future.

Whereas Deaton’s feedback trace at the potential of the SEC’s intention to maintain the crypto neighborhood on its toes, he additionally expressed skepticism concerning the SEC’s motives. He urged that the regulatory physique could also be contemplating different causes to disclaim the ETF, regardless of the obvious shift in its stance.

Based on his put up, the SEC seems to be gathering extra data throughout its discussions on the Bitcoin ETFs so as to create a distinct rationale for a possible denial. This technique may very well be seen as an try to confound the market and, in Deaton’s phrases, “create the best head pretend/rug pull in SEC historical past.”

The Position of Key Figures

One issue contributing to the evolving state of affairs is the involvement of distinguished figures within the monetary world. Larry Fink, the CEO of BlackRock, is one of these main figures and proponents of the Bitcoin spot ETF.

With BlackRock managing trillions of {dollars} in Property Below Administration (AUM), Fink’s voice carries important weight within the monetary trade. Deaton hinted that Fink’s involvement could also be one of many causes the SEC is now extra inclined to approve the ETF, highlighting the affect of huge gamers within the approval course of.

Cathie Wooden, CEO of ARK Make investments, additionally commented lately, noting that the SEC is actively partaking along with her firm relating to its Bitcoin ETF application.