IMPORTANT POINTS:
- A Bloomberg analyst stated that there is a 95% chance that the SEC will approve a Bitcoin spot ETF on January 10.
- James Seyffart had anticipated just a week ago that the probability of seeing a BTC exchange-traded fund was 90%.
- The expert believes that if the SEC rejects the requests, Joe Biden’s administration will intercede so that the financial asset is finally approved.
The SEC began accepting 19b-4 forms from exchanges and issuers, which translates to experts as an imminent approval of Bitcoin spot ETFs.
In this context, Bloomberg analyst James Seyffart clarified that there is very little chance that the regulatory body will reject BTC exchange-traded funds.
According to Seyffart himself, the SEC could give the go-ahead next Wednesday, January 10, and raised the approval probability to 95% from 90% last week.
Good question
— James Seyffart (@JSeyff) January 6, 2024
1) Ark withdraws with assurances about March (unlikely)
2) Genz goes nuclear & SEC denies using new reasons or ignores the court knowing they’d end up back in court (again–Unlikely)
3) Biden admin comes down and does something to stop this (unlikely) https://t.co/KNX4e3AeI7
What would happen if the SEC does not approve Bitcoin ETFs?
First of all, the Bloomberg analyst highlighted that a rejection will provoke a “storm of criticism and violent reactions” against the SEC, something that will not be positive for Joe Biden’s administration.
That is why the government itself could intervene to give the go-ahead and finally have Bitcoin ETFs begin trading soon.
It is also worth noting that a large injection of fiat money is expected once the funds are approved. However, some analysts warned of declines after “selling the news.”
