HomeCoinsBitcoinSEC Will Approve A number of Spot Bitcoin ETF At As soon...

SEC Will Approve A number of Spot Bitcoin ETF At As soon as

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 notice, JP Morgan analysts led by Nikolaos Panigirtzoglou said 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 equivalent to BlackRock, Constancy Investments, and Invesco, till no less than mid-October.

Of their analysis notice, the analysts emphasised that for the SEC to say no each Grayscale’s bid to remodel its GBTC product right into a spot BTC ETF, it might necessitate a reversal of its earlier approvals of futures-based ETFs. They additional famous that such a transfer could be extremely disruptive and doubtlessly embarrassing for the SEC, making it seem unlikely.

Thus, the analysts added that “it looks more likely that the SEC would be forced to approve the spot bitcoin ETF applications that are still pending from several asset managers, including that from Grayscale,” This postponement “likely points to approval of multiple spot bitcoin ETF applications at once rather than granting a first-mover advantage to any single applicant, The Block.

SEC’s Recent Delay of Spot Bitcoin ETFs Hints Multiple Approvals

Last Thursday, August 31, the US SEC delayed its decision on all of the seven spot Bitcoin ETFs adding that it would require sufficient time to consider the proposed rule change. The next review from the SEC is pending mid-October 2023.

Commenting on this, the JPMorgan analysts added: This postponement “likely points to approval of multiple spot bitcoin ETF applications at once rather than granting a first-mover advantage to any single applicant”.

“That could be beneficial for investors as it would allow for more competition in terms of ETF fees. Grayscale will likely face even bigger pressure to lower fees if its trust gets approval to be converted to the largest bitcoin spot ETF in the world,” the analysts added.

Bhushan is a FinTech fanatic and holds a superb aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Know-how and Cryptocurrency markets. He’s constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and generally discover his culinary abilities.

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Supply: https://coingape.com/jpmorgan-sec-has-no-option-but-to-approve-spot-bitcoin-etf/

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