- As BlackRock triggers the race for spot Bitcoin ETF once again, Bloomberg analyst James Seyffart weighs what shall be the next move by the SEC.
- The approval of the Ark 21Shares Bitcoin ETF holds greater significance compared to others like BlackRock.
The world’s largest cryptocurrency Bitcoin (BTC) delivered a strong price rally to $31,000 last month following BlackRock’s application of spot Bitcoin ETF. Market analysts are quite bullish regarding BlackRock’s move in the crypto space. If approved, this could usher millions of dollars worth of investments in Bitcoin and the broader crypto market.
The SEC has recognized BlackRock’s Spot Bitcoin ETF application and other resubmissions. The market players are now waiting to see what the SEC will do next. Bloomberg Intelligence analyst James Seyffart examines the likelihood of spot Bitcoin ETFs getting approval and also considers how the outcome of the US SEC v. Ripple Labs case might impact the situation.
During his recent interview with Paul Barron Network, Bloomberg Intelligence ETF analyst James Seyffart shared his thoughts on BlackRock’s spot Bitcoin, its odds of approval by the US SEC, the Bitcoin ETF status, the impact Judge Torres’ ruling in US SEC v. Ripple Labs, political pressure, and crypto regulations.
The Race for Spot Bitcoin ETF Approval
The SEC has recognized BlackRock’s Spot Bitcoin ETF application and other resubmissions, and now the market is waiting to see what the SEC will do next. Bloomberg Intelligence analyst James Seyffart examines the likelihood of spot Bitcoin ETFs getting approval and also considers how the outcome of the US SEC v. Ripple Labs case might impact the situation. He added:
We are officially at 50-50 odds. The SEC had a list of things they needed to have happen before they approve 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.
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The approval of the Ark 21Shares Bitcoin ETF holds greater significance compared to others like BlackRock because if the SEC denies it initially, it might also delay decisions on other Bitcoin ETFs. BlackRock, Nasdaq, and Coinbase joined forces to apply for a spot Bitcoin ETF, which involved modifying their approach to include a surveillance-sharing agreement.
This ETF will be treated as a security, and the US SEC wants to oversee these markets more closely. Even though Binance leads in trading volumes, most of its trades are in stablecoins. Interestingly, Binance.US is transitioning to become a crypto-only exchange, reducing its reliance on the US dollar.
Additionally, Seyffart has also agreed with Galaxy Digital CEO Mike Novogratz that Judge Torres’ decision is a big win for Ripple. Despite recent developments, Ripple may still encounter obstacles in different areas, and SEC Chairman Gary Gensler is considering appealing the court ruling. It is crucial for the US Congress to provide clear rules and guidance on cryptocurrencies within the country. Given the current circumstances, the approval of a Bitcoin ETF appears to be quite probable.
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