SEC Will Approve Multiple Spot Bitcoin ETF At Once

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

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

Of their analysis word, 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 might 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 to be extra seemingly that the SEC can be compelled to approve the spot bitcoin ETF purposes which can be nonetheless pending from a number of asset managers, together with that from Grayscale,” This postponement “seemingly factors to approval of a number of spot bitcoin ETF purposes directly somewhat 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 might require enough time to think about the proposed rule change. The following overview from the SEC is pending mid-October 2023.

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

“That might be useful for buyers as it might permit for extra competitors by way of ETF charges. Grayscale will seemingly face even greater stress to decrease charges if its belief will get approval to be transformed to the biggest bitcoin spot ETF on this planet,” the analysts added.

Bhushan is a FinTech fanatic and holds aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in the direction of the brand new rising Blockchain Expertise and Cryptocurrency markets. He’s constantly 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 expertise.

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