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22-12-20242 min read
News - Bitcoin ETF approval: probability is 90%
The entire crypto market is waiting for approval of the Bitcoin ETF. But Gary Gensler and the SEC still have the final say.
According to Bloomberg ETF analysts James Seyffart and Eric Balchunas, there is a very slim chance that SEC chief Gary Gensler will reject the Bitcoin ETF. According to Syeffart at X, the chance of approval is "only" 90 percent.
UPDATE: @ValkyrieFunds joins the prospectus amendment train for their spot #Bitcoin ETF. Things still moving behind the scenes. pic.twitter.com/z5WAvZtFwE
— James Seyffart (@JSeyff) October 30, 2023
According to Balchunas, a rejection would "amazingly sadistic" are and probably "unleash a wave of lawsuits".
It would not be the first time the SEC has been in court over a Bitcoin ETF. The US Securities and Exchange Commission has been rejecting similar applications for quite some time. A trend that began back in 2017.
Last month, the SEC already pushed back some applications further. However, Cathie Wood of Ark Invest explained that the authority is now constructively involved in the new applications. Thus, approval could come as early as this year. With the approval, a new influx into the crypto sector is expected.
