XRP Lawyer: Spot ETF Approval Timing To Create Perfect Storm For Bitcoin

Attorney John Deaton, who represents the thousands of XRP token holders in the Ripple lawsuit against the U.S. Securities and Exchange Commission (SEC), predicted that the timing of spot Bitcoin ETF approval would come at an appropriate time for the crypto market. Recently, ETF experts foresaw a 75% chance of approval by the end of 2023.

Also Read: USDC Stablecoin Issuer Circle Mulling IPO In Early 2024

Bitcoin (BTC) Price At $220K “Not So Crazy”

The attorney said the US SEC’s potential approval, expected to come in the second of third quarter of 2024, would be well placed with events like Bitcoin Halving and the Federal Reserve’s rate cut decisions. Hence, an increased liquidity to the crypto ecosystem and the approval of 8 to 10 spot Bitcoin ETF filings could make BTC price prediction of $220,000 plausible in around 18 months. Bitcoin maximalist Max Keiser has recently reiterated his January 2021 stance on the BTC price reaching $220,000. Deaton said,

“Although I believe a Spot BTC ETF should have been approved long ago, I believe the timing of a spot ETF approval is going to help create a perfect storm for Bitcoin.”

Crypto Regulation Timeline In The US

Crypto influencer Wendy O opined that a change of face in the US presidential position could trigger some change in the regulatory scope of the crypto industry, in and around 2025. Deaton said the approval of a crypto bill needs passing in the House, the Senate and signed by the President, which is unlikely to happen in near future in the context of the US presidential election year. The attorney predicted that at best, a stablecoin bill and other crypto bills may get the full approval by the end of 2025 if a stable government by either party, Republicans or Democrats, with strength in both the House and the Senate gets voted.

Earlier, another positive development came Ripple’s way in the XRP lawsuit as the SEC dropped charges levied against CEO Brad Garlinghouse and founder Chris Larsen. Under US SEC Chair Gary Gensler’s leadership, the agency had been heavily involved in anti-crypto enforcement and litigation, amid widespread criticism. The agency had recently suffered two major legal setbacks in the XRP lawsuit summary judgment and the Grayscale verdict. Gensler’s five year term as Chair of the SEC ends in June 2026.

Also Read: Dubai Sets November 17 Deadline for Crypto Licensing Compliance