More Speed Humps on the Road to a Spot Bitcoin ETF

TL;DR

Gary’s been copping plenty of warmth for his inconsistent method to regulating the crypto trade – 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 functions.

Whereas we’re nonetheless assured {that a} spot Bitcoin ETF will inevitably launch within the US and convey an entire 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 present expects it to.

Full Story

“You already know what, I’m not going to surrender that straightforward. 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’?

In case you answered A) you’re appropriate!

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

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

See, Gary’s been copping plenty of warmth for his inconsistent method to regulating the crypto trade – 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 functions.

Which alerts 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 functions (together with BlackRock’s), which can possible require additional assessment.

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 an entire 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 present expects it to.