Grayscale CEO predicts a Bitcoin ETF approval could be just around the corner. This potentially game-changing news could dramatically alter the BTC price and the overall landscape of cryptocurrency investment.
In an interview at CNBC, Michael Sonnenshein said, “If the SEC approves one spot Bitcoin ETF, we expect them to approve them all.” When Grayscale won its case against the SEC, the entire crypto market was aloof with hopes of a Bitcoin ETF being approved.
However, the SEC has proved to be stubborn. The court gave the SEC 45 days to appeal the ruling. A Grayscale spokeswoman added that the company was reviewing the details and would pursue “next steps with the SEC.”
The court rejected the very basis on which the SEC has been denying Bitcoin ETFs in the past several years. According to the ruling, Bitcoin Futures and Bitcoin ETFs lie in the same regulatory framework, and hence, approving Bitcoin Futures and rejecting Bitcoin ETFs is hypocritical at best.
Implications if the SEC Does Not Appeal the Ruling
The SEC is now tasked with coming up with a new rationale for arguing their rejection of the Bitcoin ETFs. According to Michael, the SEC has denied Bitcoin ETFs over 15 times in the past several years, leading them to think there is something else causing the SEC to reject the applications.
The implication is that if the SEC can’t other reasons for rejecting Bitcoin ETFs besides the ones already rejected by the court, then they will have to approve previously rejected applications.
There are currently nine pending Bitcoin ETF applications awaiting approval from the SEC. 45 days (from August 29, 2023) will end on October 13, 2023.
Besides this, several firms have also filed their Ethereum ETFs, further exerting pressure on the SEC. Stay tuned as we follow up on this news as it unfolds.
