Pro-XRP lawyer John Deaton reacts to the recent change in the U.S. Securities and Exchange Commission’s (SEC) language and tone regarding spot Bitcoin ETF. He believes Gary Gensler may have personal reasons behind the change in the SEC’s tone for approval of a spot Bitcoin ETF. There have been constructive talks on required changes to spot Bitcoin ETF applications between the issuers and the SEC.
Lawyer John E. Deaton reacted to an X post by analyst Scott Melker, also known as “The Wolf Of All Street”, on the U.S. SEC’s change in language and tone regarding spot Bitcoin ETF. He said “Scott is correct.”
“I’m someone who said I wouldn’t be surprised if the SEC wrote a long dissertation citing data or anecdotal evidence denying a spot Bitcoin ETF again, that wasn’t part of the SEC’s original denial that has been deemed arbitrarily and capricious by the Appellate Court, said Deaton.”
Deaton believes Gary Gensler’s perspective hasn’t changed, and he can still blame Bitcoin for being used in terrorism financing or criminal activity. However, federal judges criticizing the SEC for hypocrisy, arbitrary and capricious and loss in the Grayscale lawsuit had a major impact on the SEC.
Commenting on the reasons, Deaton said, “I could be wrong but I attribute it to the Court loss coupled with the Larry Fink affect.” He believes Gensler only cares about donors or institutions and what they think.
The crypto community argues Gensler will follow former SEC Chair Jay Clayton and former SEC Director Bill Hinman to have his career grow at big institutions like Goldman or BlackRock after his term.
Bloomberg ETF analysts revealed there are constructive discussions between SEC and Bitcoin ETF issuers. These include discussions on custodial arrangements, adherence to GAAP, risk disclosures, and electricity consumption in mining. Bloomberg has also increased the odds of a spot Bitcoin ETF approval to 90%.
Executives such as Galaxy Digital’s Mike Novogratz and ARK Invest Cathie Wood are confident of a spot Bitcoin ETF approval by the SEC this year.
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