Bloomberg has raised the odds of a Bitcoin ETF gaining approval to 75% by the end of 2023 and 95% by 2024, following Grayscale’s legal win against the U.S. Securities and Exchange Commission (SEC). The SEC is now expected to make ‘first deadline’ decisions on seven major Bitcoin ETF applications from industry giants like BlackRock, Fidelity, and VanEck.
Grayscale’s recent win against the SEC has made it increasingly difficult for the agency to justify any more delays or rejections in the ETF space. The U.S. Court of Appeals called the SEC’s reasons for denying Grayscale’s application “unlawful”, leaving the agency with “little leeway” to reject future applications.
The SEC generally takes up to 240 days for the standard review of ETF proposals after they are added to the federal register. However, this timeline is not rigid and the agency can extend the review period if it requires additional time for evaluation.
Although the chances of ETF approval have soared, industry experts still caution that the SEC can delay, appeal, or deny applications for reasons other than those mentioned in the Grayscale case. If the SEC approves the applications, it could trigger a new all-time high in Bitcoin prices, possibly reaching up to $150,000.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 10 |
| People | Tim Bevan, Collin Brown |
| Companies | BlackRock, Invesco, VanEck, Grayscale, SEC, Bitwise, WisdomTree, Fidelity, Valkyrie |
| Currencies | Ethereum, Bitcoin |
| Securities | None |
