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In a recent interview on The Scoop podcast with The Block’s Frank Chaparro, Bloomberg Intelligence ETF research analyst James Seyffart shared his insights on the long-anticipated approval of spot bitcoin exchange-traded funds (ETFs) by the Securities and Exchange Commission (SEC).
Seyffart predicts that the regulatory green light may come in January 2023, following months of delays and application extensions.
Seyffart, known for his spot-on analyses in the crypto sphere, pinpointed the crucial timeframe for the SEC decision—between January 8 and January 10.
This timeline coincides with the final deadline for the Ark and 21Shares applications, which kicked off the process in April 2022. Also, heavyweight BlackRock joined the race in June, along with a dozen other firms.
SEC Trying Not to Play Kingmaker in Bitcoin ETFs Decision
The ETF expert revealed a strategic move by the SEC, suggesting that the regulatory body intentionally delayed its decision to prevent favoritism. Seyffart emphasized the SEC’s reluctance to play “kingmaker,” opting for a simultaneous approval of multiple applications or, at the very least, the majority of them.
Expressing a high level of confidence, Seyffart backed his prediction with extensive research and insider information, gathered over a year from diverse sources within the industry. Drawing parallels, he highlighted the SEC’s previous approach with ether futures ETFs, approving several on the same day to ensure a fair playing field.
Okay the window for potential spot #Bitcoin ETF approval is looking like its gonna be between Jan 5 & Jan 10 2024. I spoke with @thomasg_grizzle & @ScottW_Grizzle this morning and nailed this call. https://t.co/sOU950QlXj pic.twitter.com/y9JYdEpjNH
— James Seyffart (@JSeyff) November 30, 2023
If Seyffart’s foresight materializes, it could signify a monumental moment for the cryptocurrency industry. Spot bitcoin ETF approval would provide investors with direct access to the underlying asset, eliminating the need for futures contracts or trusts.
Such a development has the potential to enhance Bitcoin’s liquidity and adoption while mitigating fees and risks for investors. As the crypto community eagerly awaits January, Seyffart’s analysis adds an intriguing layer to the unfolding narrative of crypto regulation.
At the time of this report, Bitcoin trades at just under $42,000, with investors expecting to see the cryptocurrency hit the $50,000 mark soon and clear even higher price marks once the SEC eventually approves any Bitcoin ETF.
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