Bloomberg Analyst Weigh In On Spot Bitcoin ETF Approval By US SEC After XRP Ruling

A spot Bitcoin ETF approval by the US Securities and Exchange Commission (SEC) will be a regime shift that will boost enthusiasm for Bitcoin adoption across the globe. The SEC has acknowledged BlackRock Spot Bitcoin ETF application and other refilings and the market awaits SEC’s next move. Bloomberg Intelligence analyst James Seyffart looks at the odds of spot Bitcoin ETFs approval and the impact of the US SEC v. Ripple Labs.

Bloomberg Analyst On Spot Bitcoin ETF Approval by US SEC

Bloomberg Intelligence ETF analyst James Seyffart in an interview with Paul Barron Network reflected on Bitcoin ETFs status, BlackRock spot Bitcoin ETF, odds of approval by the US SEC, the impact Judge Torres’ ruling in US SEC v. Ripple Labs, political pressure, and crypto regulations.

He said there are currently many BTC ETF filings with the SEC, with BlackRock filing making the most noise as traditional financial firms make another stride into the crypto market. While Ark Invest and 21Shares’ spot Bitcoin ETF application is first in line, BlackRock looks to capitalize first with a sudden move.

“We are officially at 50-50 odds. The SEC had a list of things they needed to have happen before they approve a Bitcoin ETF and issuers have knocked those things off the list. The SEC wanted a surveillance sharing agreement with a regulated market of significant size that has been in every single denial letter over the years.”

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BlackRock, Nasdaq, and Coinbase filing together for a spot Bitcoin ETF application with surveillance sharing agreement amended the approach. The ETF will be a security and the US SEC wants oversight of these markets. While Binance is the leader in trading volumes of significant size, it has most trades in stablecoins. In fact, Binance.US is already switching to a crypto-only exchange, reducing reliance on the US dollar.

Seyffart says he agrees with Galaxy CEO Mike Novogratz that Judge Torres’ decision is a big win for Ripple. However, Ripple can still face setbacks in other parts and SEC Gary Gensler can come back with a spin. The US Congress needs to bring clarity on crypto rules and guidance in the country. A Bitcoin ETF approval is most likely in the current situation.

Approval of Ark 21Shares Bitcoin ETF is more crucial than BlackRock and others as the SEC could deny it first and delay the decision on other Bitcoin ETFs. He also talks about Bitcoin ETF countdown clock, Fidelity Ethereum ETF, Nasdaq halting crypto custody business plans, and EU’s MiCA regulation.

Also Read: US House Revises Crypto Bill After XRP Ruling; Changes And Market Reactions