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Cryptocurrency markets have started to revive as the SEC, led by Gensler, suffers a major blow. Remember what I said when I shared the hearing transcripts this year. The SEC didn’t have much chance and couldn’t present a tangible argument in court. Bloomberg analyst James Seyffart says exactly this.
When Will Spot Bitcoin ETF Approval Happen?
Bloomberg expert James Seyffart implied a few minutes ago in a post on his X account that the end of the road has been reached. The transcripts we shared this year focused on why the SEC avoided approving spot ETFs while approving futures ETFs. The judge was surprised because the price of BTC is determined the same for futures and spot ETFs. So why does the SEC raise this issue for spot ETF approval while ignoring the risk of fraud and manipulation when approving futures ETFs?
The SEC can claim as much as it wants that there is a difference, but the court has officially declared that the SEC is wrong. The only explanation for this logical error was the SEC’s negative discrimination against crypto. An exciting wait has begun for investors. By Friday, the SEC will reach the end of the first decision date for 7 ETFs, including BlackRock’s application.
These ETFs have the right to postpone the decision three times until March of next year. But is there a right to reject? If they do this, they will risk facing the world’s largest financial company, BlackRock, in court.
Bloomberg Expert on Bitcoin ETF
James Seyffart made his final comment a few minutes ago. At the time of writing, at 18:38, an SEC spokesperson announced that they have started reviewing the court decision to determine their next move. The SEC’s hand is very weak; if they want to prolong the process, they can appeal, but what will change from yesterday to today? What new argument will the SEC present in the appeal? All of this is fueling the hope of cryptocurrency investors.
Bloomberg expert wrote the following:
“I read and digested a bit. This is a complete and absolute rejection of all spot Bitcoin ETF denials by the SEC. There is no room for maneuver, all of the SEC’s arguments were crushed here. But the decisions go back to the SEC. What can the SEC do? The first option is to approve the conversion of $GBTC and spot ETF applications, as all crypto investors hope. BUT if the SEC wants to stop the listing of spot Bitcoin ETFs, in my eyes, it has two main options. We have already seen how aggressive the SEC can be through Staff Accounting Bulletin 121 (SAB 121). And if they *REALLY* don’t want these things to be listed, it wouldn’t surprise me if they rely on something related to supervision to reject these things. Or they can cancel futures ETF approvals.”
Coinbase has been included in many ETF applications as part of the supervision agreement. Again, Sonali Basak from Bloomberg wrote the following on her X (Twitter) account:
“This doesn’t mean ETF approval, but it opens the way. This process includes a 45-day period, connected to the appeals procedure where both parties review this decision. The SEC can request an en banc hearing. It is not clear if Grayscale needs to reapply.”
An en banc hearing is a hearing conducted with the participation of a group of judges. It cannot be resorted to without a strong reason.
