The US Securities and Exchange Commission (SEC) is facing increasing pressure to approve the first Bitcoin spot ETF for the US market. Bloomberg ETF analysts Eric Balchunas and James Seyffart have increased their odds of approval from 65% to 75% this year.The SEC has suffered a double loss after Grayscale Investments’ win in a review petition. This has made further denials “politically untenable” according to the ETF experts. The legal blow combined with the PR loss has increased the odds of a spot ETF being approved.Balchunas and Seyffart predict a 75% probability of approval in 2023 and 95% by the end of next year. The SEC recently delayed a decision on the Ark 21Shares Bitcoin ETF proposal, while soft deadlines for several filings including for BlackRock, Fidelity and others are coming up. The analysts believe it will be difficult for the SEC to deny the one by crypto asset management firm Hashdex.

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Information	Details
Geography	North America
Countries
Sentiment	positive
Relevance Score	8
People	BlackRock, Eric Balchunas, James Seyffart, Fidelity, Grayscale Investments
Companies	Hashdex, US Securities and Exchange Commission, Bloomberg ETF, Grayscale Investments, Ark 21Shares Bitcoin ETF
Currencies	Ethereum, Bitcoin
Securities	None