Update from 09.06 below. This article was originally published on September 5.
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Bitcoin prices fell after the summer rally, and other major cryptocurrencies, including Ethereum and XRP, retreated after the black swan collapse, even as an earthquake loomed in China.
Now, former US Securities and Exchange Commission (SEC) chairman Jay Clayton says final approval of bitcoin spot exchange-traded funds (ETFs) is imminent after the SEC rejected an ETF application by asset managers working on a merger: . $15 billion by October.
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“Obviously, Bitcoin is not a security. Obviously, Bitcoin is something that retail investors, institutional investors, and most importantly some of our trusted vendors who are trusted or responsible for offering this retail product want to get into, so […] I think support is inevitable,” Clayton told CNBC . . . "The difference between futures and spot commodities cannot last forever."
The SEC approved the Bitcoin Futures ETF in 2021, and when the first fund launched, the market for Bitcoin, Ethereum, XRP, and other cryptocurrencies surpassed just over $3 trillion.
Last week, the Securities and Exchange Commission (SEC) said it needed more time to rule on the latest stream of Bitcoin spot ETF filings, delaying a decision on BlackRock's filings.
, WisdomTree, Invesco Galaxy, Wise Origin, VanEck, Bitwise and Valkyrie Digital Assets until at least mid-October.
Enthusiasm among traders for spot bitcoin ETFs follows cryptocurrency manager Grayscale's legal victory ahead of last week's ruling against the SEC, in which the court ruled that some of the regulator's arguments in favor of rejecting bids for spot bitcoin ETFs were "arbitrary and arbitrary . capricious." The Securities and Exchange Commission (SEC) will consider Grayscale's proposal to turn its flagship GBTC fund into a full-fledged Bitcoin ETF.
After Grayscale's win, Bloomberg Intelligence analysts put the probability of approval of the Bitcoin ETF by the end of 2023 at 65% to 75%.
September 6 update: Following its legal victory, Grayscale has petitioned the Securities and Exchange Commission (SEC) to fully enforce its proposed conversion of Bitcoin Trust into a Bitcoin ETF." Now the Court of Appeals has issued its
opinion after granting, there is no reason to distinguish bitcoin futures [exchange-traded products] from spot bitcoin ETPs under the Commission's legal analysis of the bitcoin ETP rejection," said Joseph Hall. , my friend Davis. Polk's attorney representing Grayscale wrote to the regulator
"We hope youagree
that now is the best time to use resources to get the [SEC] to approve the order" for the product, Hall said, adding that it is sufficient to monitor contracts for Bitcoin futures ETFs. Chicago Mercantile. Exchange. For Spot Bitcoin ETF. "If it was proposed to try to separate the 'two types of goods' for no reason, we're sure it would have already happened
.
"After Grayscale's victory over the SEC, the SEC will have no choice but to approve the ETFs' applications.
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.In order to defend Grayscale's rejection of its proposal to convert its bitcoin trust fund into ETFs, the SEC must withdraw its previous approval of bitcoin futures ETFs, which would be "extremely disruptive and embarrassing to the SEC." JP Morgan analysts. Written by Nikolaos Panigirtsoglu.
Meanwhile, Bernstein analysts say the approval of a bitcoin ETF could soon follow the Ethereum fund due to a similar market structure.
"Crypto ETF opportunities will not be limited to Bitcoin (BTC) but will expand to many crypto assets," Bernstein analysts led by Gautam Chugani said in a note seen by CoinDesk .