Home Bitcoin News SEC Commissioner Signals Green Light for Spot Bitcoin ETF: Market Awaits Approval Amid Bitcoin Price Surge

SEC Commissioner Signals Green Light for Spot Bitcoin ETF: Market Awaits Approval Amid Bitcoin Price Surge

SEC Bitcoin ETF

The cryptocurrency universe is abuzz with anticipation as the U.S. Securities and Exchange Commission (SEC) drops a hint of potential approval for a spot Bitcoin exchange-traded fund (ETF). SEC Commissioner Hester Peirce recently shared her positive sentiment, stating that there’s no justifiable reason for the regulatory body to impede the development of a spot Bitcoin ETF. However, the enigma persists regarding which ETF will emerge as the trailblazer in securing regulatory approval.

Throughout the year, the market has been on a rollercoaster ride of anticipation, with whispers of an impending SEC move in October. On October 12, Bitcoin traded on crypto exchanges at an average of $26,750, catapulting into a spectacular 40% rally to $37,490 by the time Commissioner Hester Peirce made her revelations in a Bloomberg TV interview published this Wednesday.

In a candid conversation with Bloomberg Television’s Kailey Leinz on “Bloomberg Crypto,” Commissioner Peirce reiterated her longstanding belief that the SEC should not obstruct the creation of a spot Bitcoin exchange-traded product. She acknowledged a gentle nudge from the U.S. Circuit Court of Appeals, which characterized the SEC’s refusal to review Grayscale Investment’s Bitcoin ETF application as arbitrary and capricious.

The cryptocurrency community and analysts welcomed Peirce’s statements with enthusiasm. Crypto analyst Michaël van de Poppe dubbed it “Very positive news!” while noting that Bitcoin’s price is teetering on the edge of testing crucial resistance levels.

Presently, the SEC is diligently reviewing a dozen spot Bitcoin ETF applications. When pressed on whether Grayscale’s application might take the lead or if all 12 contenders could receive approval simultaneously, Commissioner Peirce remained elusive. “All of those are under consideration now, so I can’t speak to them,” she responded.

Despite the speculative climate, there is a consensus among Ark Invest’s Cathie Wood and Bloomberg analysts that multiple ETFs might receive simultaneous approval. However, the SEC opted to prolong the suspense earlier this month, missing an opportunity to greenlight all outstanding applications at once.

Fourteen regulated companies are currently in the wings, awaiting SEC approval. Notable players in this waiting game include BlackRock, Grayscale Investments, Invesco with Galaxy Digital, 21Shares with Ark Invest, Bitwise, VanEck, Wisdomtree, Fidelity, Valkyrie, Global X ETFs, and Hashdex with Franklin Templeton.

As the cryptocurrency community braces for a potential breakthrough with the approval of a spot Bitcoin ETF, the lingering question of which contender will secure victory remains a tantalizing mystery. Investors and enthusiasts alike are closely monitoring the developments, hoping for regulatory clarity that could pave the way for broader cryptocurrency adoption. The crypto saga continues, with each revelation bringing the industry one step closer to a new era of possibilities.

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Steven Anderson

Steven is an explorer by heart – both in the physical and the digital realm. A traveler, Steven continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Steven and through his business acumen has gained financial profits as well as fame in his business niche. Send a tip to: 0x200294f120Cd883DE8f565a5D0C9a1EE4FB1b4E9

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