In light of Commissioner Hester Peirce expressing doubts about the SEC’s reasoning for not approving a Bitcoin ETF, John E Deaton, an attorney at Crypto-Law US, offers insights into the implications for the general public.
There’s a potential that we might see an approval either by the end of this year or, at the latest, by the end of the first three months of 2024.
Commissioner Hester Peirce voiced her reservations concerning the SEC’s schedule for giving a nod to a Bitcoin spot fund. Being a strong supporter of the spot Bitcoin ETF, Peirce emphasized that although the ongoing lawsuit plays a pivotal role, she finds it challenging to gauge the viewpoint of her fellow commissioners.
She remarked, “Understanding the reasons for our delay in approving a Bitcoin ETF eludes me. While the legal proceedings do play a role, speculating on how my colleagues view this is beyond me.”
In this evolving situation, Deaton outlines two potential scenarios: The first is that the SEC might be changing its perspective and is nearing the approval of the spot BTC ETF, either by the end of this year or for sure in the early months of 2024, marking a considerable change in their stance.
On the other hand, Deaton believes the SEC’s ongoing deliberations might hint at a tactical move to collect more data, possibly aiming to craft a new reason to reject the spot ETF, which could turn out to be one of the SEC’s most surprising twists or ‘rug pulls’.
On October 19, the SEC Chairman Gary Gensler confirmed that the agency is closely examining numerous Bitcoin spot ETF applications.
While Gensler hinted at about eight or nine such ongoing reviews, he stressed the thoroughness of the examination process and opted not to reveal specific details regarding their progress.