Analyst Predicts SEC Will Approve First Spot Bitcoin ETF by Mid-March Next Year
Asset management firm Bernstein has predicted that the
U.S. Securities and Exchange Commission (SEC) will approve its first spot bitcoin exchange-traded fund (ETF) between mid-October and mid-March next year. The firm’s analyst believes that
“the crypto ETF opportunity won’t just stop at bitcoin but will extend into multiple crypto assets.”
Analyst explained in a note on Monday that the
court ruling in favor of crypto asset manager Grayscale Investments last week regarding the firm’s proposed bitcoin ETF conversion is a
“game changer.” Calling the ruling “a landmark win against the SEC,” he emphasized:
“The ruling went beyond the GBTC conversion, but laid unambiguous principles for regulators to evaluate spot crypto ETF applications.”
Recently,
District Judge Analisa Torres partially ruled in favor of Ripple Labs against the securities watchdog regarding the offers and sales of XRP.
The SEC is currently seeking to appeal the court decision.
While the SEC has greenlighted several bitcoin futures ETFs, it
has not approved any bitcoin spot ETFs, citing various concerns such as market manipulation. However, the analyst highlighted that the Grayscale decision refuted the SEC’s argument, as the court determined that
“bitcoin futures prices are ultimately based on spot market prices.”
