The cryptocurrency industry is eagerly awaiting the decision of the US SEC on the Bitcoin spot ETF applications, which is expected to be announced in mid-January. While many are optimistic about the approval of the ETF, there is concern that if the applications are dismissed, it could lead to a significant downturn in the crypto market.
An ETF expert, Nate Geraci, believes that if the SEC refuses to approve the Bitcoin spot ETF, it could result in one of the biggest rug pulls in crypto history. However, he also acknowledges that it is unlikely for all the applications to be denied, considering the recent Grayscale lawsuit victory.
The SEC will make its decision between January 5 and 10, and several companies, including Grayscale, ARK & 21Shares, BlackRock, and VanEck, are awaiting the outcome. Geraci believes that the crypto industry has already won the battle for the ETF, as a court ruling in Washington, D.C., stated that the SEC chair has no right to reject Grayscale’s application.
While Geraci ponders the consequences of a denial, other experts are discussing the potential impact of an approved ETF. A study by Needham & Company suggests that registered investment advisors (RIAs) will be the main drivers of Bitcoin ETF inflows. Currently, these advisors have limited access to Bitcoin for their clients, and the approval of the ETF would provide them with a new avenue for investment.
The study also found that existing BTC owners are the most interested in the ETF, with only a small percentage of respondents who haven’t owned BTC before expressing interest in investing after the ETF is approved.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | North America |
| Countries | |
| Sentiment | very positive |
| Relevance Score | 1 |
| People | Gary Gensler, Nate Geraci |
| Companies | BlackRock, Grayscale, ARK & 21Shares, DCG, VanEck |
| Currencies | Bitcoin |
| Securities | None |
