Bloomberg Analyst Weighs In On Spot Bitcoin ETF Approval By US SEC After XRP Ruling – Crypto News – Crypto News
Connect with us
Bloomberg Analyst Weigh In On Spot Bitcoin ETF Approval By US SEC After XRP Ruling Bloomberg Analyst Weigh In On Spot Bitcoin ETF Approval By US SEC After XRP Ruling

Technology

Bloomberg Analyst Weighs In On Spot Bitcoin ETF Approval By US SEC After XRP Ruling – Crypto News

Published

3 years ago

on

A spot Bitcoin ETF approval by the US Securities and Exchange Commission (SEC) will be a regime shift that will boost enthusiasm for Bitcoin adoption across the globe. The SEC has Accredited BlackRock Spot Bitcoin ETF application and other refillings and the market awaits SEC’s next move. Bloomberg Intelligence analyst James Seyffart looks at the odds of spot Bitcoin ETFs approval and the impact of the US SEC v. Ripple Labs,

Bloomberg Analyst On Spot Bitcoin ETF Approval by US SEC

Bloomberg Intelligence ETF analyst James Seyffart in an interviews with Paul Barron Network reflected on Bitcoin ETFs status, BlackRock spot Bitcoin ETF, odds of approval by the US SEC, the impact Judge Torres’ ruling in US SEC v. Ripple Labspolitical pressure, and crypto regulations.

He said there are currently many BTC ETF filings with the SEC, with BlackRock’s filing making the most noise as traditional financial firms make another stride into the crypto market. While Ark Invest and 21Shares’ Spot Bitcoin ETF application is first in line, BlackRock looks to capitalize first with a sudden move.

“We are officially at 50-50 odds. The SEC had a list of things they needed to have happened before they approved a Bitcoin ETF and issuers have knocked those things off the list. The SEC wanted a surveillance sharing agreement with a regulated market of significant size that has been in every single denial letter over the years.”

Also Read: Indicators Point US Recession Coming Soon, But Crypto Is Giving Investors Hope

BlackRock, Nasdaq, and Coinbase are filing together for a spot Bitcoin ETF application with surveillance sharing agreement amended the approach. The ETF will be a security and the US SEC wants oversight of these markets. While Binance is the leader in trading volumes of significant size, it has most trades in stablecoins. In fact, Binance.US is already switching to a crypto-only exchange, reducing reliance on the US dollar.

Seyffart says he agrees with Galaxy CEO Mike Novogratz that Judge Torres’ decision is a big win for Ripple. However, Ripple can still face setbacks in other parts and SEC Gary Gensler can come back with a spin. The US Congress needs to bring clarity on crypto rules and guidance in the country. A Bitcoin ETF approval is most likely in the current situation.

Approval of the Ark 21Shares Bitcoin ETF is more crucial than BlackRock and others as the SEC could deny it first and delay the decision on other Bitcoin ETFs. He also talks about Bitcoin ETF countdown clock, Fidelity Ethereum ETF, Nasdaq halting crypto custody business plans, and EU’s MiCA regulation.

Also Read: US House Revises Crypto Bill After XRP Ruling; Changes And Market Reactions

Varinder has 10 years of experience in the Fintech sector, with over 5 years dedicated to blockchain, crypto, and Web3 developments. Being a technology enthusiast and analytical thinker, he has shared his knowledge of disruptive technologies in over 5000+ news, articles, and papers. With CoinGape Media, Varinder believes in the huge potential of these innovative future technologies. He is currently covering all the latest updates and developments in the crypto industry.

The content presented may include the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending