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This week, an important development could take place in the cryptocurrency market. There is a possibility for the approval of spot Bitcoin ETFs. Nate Geraci, one of the leading observers in the sector, recently reiterated the views of Bloomberg’s ETF analyst James Seyffart in a post on his personal X (formerly known as Twitter) account, suggesting that the US Securities and Exchange Commission (SEC) could publish the long-awaited 19b-4 approval orders, which is a small but significant possibility.
Strategic Timing of SEC’s ETFs
This move, eagerly awaited by market participants, could accelerate the acceptance of Bitcoin into mainstream financial services and significantly increase the price of the world’s largest cryptocurrency.
SEC’s approach to publishing these orders is carefully timed to avoid the appearance of market manipulation. There is a consensus in financial circles that the US federal regulator is willing to allow the simultaneous launch of multiple spot Bitcoin ETFs.
The deadline of November 17th is very important as the likelihood of applications being considered after this date is low. This makes it a clear deadline for issuers who want to be part of the approval process.
Political Obstacles to ETF Approval
However, according to Geraci, there is a political obstacle that could cause the US government to shut down and pose a risk to the timely approval of spot Bitcoin ETFs. The temporary bill that allows the continuation of federal payments between Republicans and Democrats in the US expires on November 18th, Saturday. In other words, the US government is once again at risk of shutdown. This means that there could be significant disruptions in non-essential services, including certain branches of the SEC.
A potential government shutdown could also cause delays in the decision-making process regarding financial investment instruments, including the long-awaited approval of spot Bitcoin ETFs. Such a delay could result in pressure on BTC and altcoin prices, which have been rising with the expectation of approval.
