More Speed Humps on the Road to a Spot Bitcoin ETF

TL;DR

• Gary’s been copping a variety of warmth for his inconsistent strategy to regulating the crypto business – and after getting a scolding within the Grayscale case, he is come out and mentioned the SEC is ‘taking a brand new look’ on the many pending Bitcoin ETF purposes.

• Whereas we’re nonetheless assured {that a} spot Bitcoin ETF will inevitably launch within the US and convey a complete bunch of recent funding to BTC…We would not be shocked if it did not occur in early Jan 2024, like a lot of the market at the moment expects it to.

Full Story

“You understand what, I’m not going to surrender that straightforward. I’m going to make this manner more durable than it must be.”

Was this quote from:

A) Michael Scott, when breaking apart with Holly Flax in S5 E5 of The Workplace?

or

B) Gary Gensler, after a courtroom discovered his denial of Grayscale’s Bitcoin ETF to be ‘arbitrary and capricious’?

When you answered A) you’re appropriate!

When you answered B), you’re additionally appropriate…most likely.

We’re unsure if Gary outright mentioned it, however his actions are definitely singing the same tune.

See, Gary’s been copping a variety of warmth for his inconsistent strategy to regulating the crypto business – and after getting a scolding within the Grayscale case, he is come out and mentioned the SEC is ‘taking a brand new look’ on the many pending Bitcoin ETF purposes.

Which indicators potential for constructive ahead motion.

…however in the meantime (within the background), Gary’s staff has hardened its stance on a key level featured in a number of ETF purposes (together with BlackRock’s), which is able to seemingly require additional evaluation.

What does all this imply?

Brief reply: potential delays.

Whereas we’re nonetheless assured {that a} spot Bitcoin ETF will inevitably launch within the US and convey a complete bunch of recent funding to BTC…

We would not be shocked if it did not occur in early Jan 2024, like a lot of the market at the moment expects it to.