SEC might approve BTC ETFs in 2023 according to Bloomberg analysts because of a proposed rule change with the US SEC that can change the entire thing so let’s read more in today’s latest Bitcoin news.
The Bloomberg analysts Eric Balchunas and James Seyffart noted:
“Once crypto exchanges are compliant, the SEC’s primary reason for denying spot Bitcoin ETFs would no longer be valid, likely clearing the way for approval.”
New note out on why we think spot bitcoin ETFs will get approved in early Summer 2023. The SEC is proposing to expand the definition of “exchange” which would bring crypto platforms under SEC reg. After that (which could take a year) look for ETFs to get green light via @JSeyff pic.twitter.com/TtFgFXrJ8h
— Eric Balchunas (@EricBalchunas) March 24, 2022
The rule change with the US SEC could be the main catalyst for the regulatory body to approve a spot BTC ETF in mid-2023. Balchunas said that the platforms can fall under the SEC regulatory framework if the commission is to approve the amendment and change the definition of the exchange proposed in January. The rule could amend the Exchange Act and include platforms that make available for trading any type of security including crypto and make their investment vehicle more palatable for the regulatory body:
“Once crypto exchanges are compliant, the SEC’s primary reason for denying spot Bitcoin ETFs would no longer be valid, likely clearing the way for approval.”
The SEC might approve BTC ETFs in 2023 as the analysts said and they believe that the amended definition of exchanges can be finalized until May 2023 and the SEC could approve spot crypto ETFs including those with more exposure to BTC. The regulatory body rejected all rule changes allowing the listings of spot BTC ETFs on exchanges despite approving other investment vehicles linked to BTC futures in 2021. most US lawmakers and industry leaders pushed back against the SEC and await an ETF approval. Representative Tom Emmer and Darren Sotto sent a letter to SEC chair Gary Gensler and challenged the reasons that the regulator denied the listing shares of the spot BTC ETF. The Bitfury CEO and former Acting Comptroller of the currency Brian Brooks also noted that the US was behind the curve on approving ETFs.
As recently reported, The US SEC has been granted an extension to submit a discovery schedule that relates to the individual defendants CEO of ripple Labs Brad Garlinghouse and the co-founder Chris Larsen as a part of the case against Ripple Labs. The legal dispute has been going on since late December 2020 after the SEC claimed that ripple generated $1.3 billion from an unregistered security offering via Ripple’s XRP but the company denied that XRP is security while saying it is a method for international payments and argued that the SEC failed to give them a fair notice that the token was a security.
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