Jan van Eck, CEO of investment firm VanEck, and Matt Hougan, Chief Investment Officer of crypto investment firm Bitwise, both expressed optimism in an interview with CNBC yesterday that a spot bitcoin ETF could be approved by the Securities and Exchange Commission (SEC) as early as 2024. This follows a key legal victory last month when the D.C. Circuit Court ruled in favor of Grayscale’s application to convert its Grayscale Bitcoin Trust into a spot Bitcoin ETF. The SEC has so far denied over a dozen applications for spot bitcoin ETFs, citing concerns around volatility, liquidity, and the potential for manipulation. However, the recent approval of futures-based bitcoin ETFs from firms like VanEck and ProShares, combined with the Grayscale decision, suggests the agency may be changing its stance.
The approval of a spot bitcoin ETF would allow mainstream US investors easy access to direct bitcoin exposure through normal brokerage accounts for the first time. Other major financial firms like BlackRock, Fidelity, and Invesco also have spot bitcoin ETF applications pending with the SEC.
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| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | positive |
| Relevance Score | 10 |
| People | SEC, BlackRock, Grayscale, Jan van Eck, Invesco, Matt Hougan, Fidelity |
| Companies | SEC, Bitwise, BlackRock, Grayscale, Invesco, VanEck, Fidelity, ProShares |
| Currencies | Sector, Ethereum, Bitcoin, US Dollar |
| Securities | None |
