More Speed Humps on the Road to a Spot Bitcoin ETF

TL;DR

Gary’s been copping numerous warmth for his inconsistent method to regulating the crypto trade – and after getting a scolding within the Grayscale case, he is come out and stated 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 produce a complete bunch of latest funding to BTC…We would not be shocked if it did not occur in early Jan 2024, like a lot of the market at present expects it to.

Full Story

“You understand what, I’m not going to surrender that simple. I’m going to make this fashion 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 court docket discovered his denial of Grayscale’s Bitcoin ETF to be ‘arbitrary and capricious’?

Should you answered A) you’re appropriate!

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

We’re unsure if Gary outright stated it, however his actions are actually singing an identical tune.

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

Which indicators potential for optimistic ahead motion.

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

What does all this imply?

Quick reply: potential delays.

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

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