Bitcoin ETF: XRP Holders’ Lawyer Hints Potential Approval Timeline

John E. Deaton, known for his advocacy on behalf of XRP holders, has shared insights into the potential approval timeline of Bitcoin spot Exchange Traded Funds (ETFs), suggesting that the Securities and Exchange Commission (SEC) might be closer to giving the green light than many believe.

The Growing Bitcoin ETF Approval Speculation

Deaton highlighted in a recent post on the X platform that the approval of a Bitcoin ETF is now a certainty, predicting that it could occur “before the end of the year or certainly before the end of the 1st Quarter of 2024.”

One of two things:

1) the @SECGov has capitulated on the spot #BTC ETF and approval, before the end of the year, or certainly, before the end of the 1st Quarter of 2024, is a certainty;

or

2) the SEC is gathering more information during these discussions to come up with a… https://t.co/NQqTfof6It

— John E Deaton (@JohnEDeaton1) October 23, 2023

Deaton’s intriguing commentary came in response to the ongoing debate surrounding the approval of a Bitcoin ETF. He noted that the SEC seemed to be in the process of succumbing regarding spot Bitcoin ETF approval. 

This sudden change in the SEC’s stance has sparked speculation among crypto enthusiasts and investors, with many wondering if Bitcoin ETFs will indeed become a reality in the near future.

While Deaton’s comments hint at the possibility of the SEC’s intention to keep the crypto community on its toes, he also expressed skepticism about the SEC’s motives. He suggested that the regulatory body may be considering alternative reasons to deny the ETF, despite the apparent shift in its stance.

According to his post, the SEC appears to be gathering more information during its discussions on the Bitcoin ETFs in order to create a different rationale for a potential denial. This strategy could be seen as an attempt to confound the market and, in Deaton’s words, “create the greatest head fake/rug pull in SEC history.”

The Role of Key Figures

One factor contributing to the evolving situation is the involvement of prominent figures in the financial world. Larry Fink, the CEO of BlackRock, is one of these main figures and proponents of the Bitcoin spot ETF. 

With BlackRock managing trillions of dollars in Assets Under Management (AUM), Fink’s voice carries significant weight in the financial industry. Deaton hinted that Fink’s involvement may be one of the reasons the SEC is now more inclined to approve the ETF, highlighting the influence of big players in the approval process.

Cathie Wood, CEO of ARK Invest, also commented recently, noting that the SEC is actively engaging with her company regarding its Bitcoin ETF application.