Bitcoin ETF Approval More Likely as Court Ruling Puts SEC in a Vulnerable Position
Following a recent court ruling, analysts from Bloomberg have expressed increased confidence in the likelihood of spot Bitcoin ETFs being introduced in the United States this year. The court ruling has put the US Securities and Exchange Commission (SEC) in a vulnerable position, with fewer arguments to oppose the approval.
The court’s ruling on August 29 determined that the SEC was wrong in rejecting Grayscale’s Bitcoin ETF. As a result, the SEC must now review the application again based on different factors. This ruling has diminished the Bloomberg analysts’ certainty that the SEC will be able to overcome Grayscale.
The analysts have revised their previous forecast by 10%, attributing their increased confidence to the unexpected court ruling. Eric Balchunas, one of the analysts, believes that the SEC will struggle to justify further denials due to upcoming tighter deadlines and the growing media attention surrounding the case.
Speculation within the industry has been mounting following the court ruling. Crypto influencers have taken to social media to express their excitement about the potential impact of this development. Miles Deutscher stated that the decision changes everything, urging his followers to pay attention. Ivan on Tech hinted at a six-figure Bitcoin price in the near future, interpreting the ruling as Grayscale crushes SEC. Ryan Sean Adams, host of the Bankless Show, alluded to a possible bull market, proclaiming, Resume the bull.
While the Bloomberg analysts believe there is a higher likelihood of Bitcoin ETFs launching this year, they also assert that if it doesn’t happen, there is a 95% certainty it will occur by the end of 2024.
Overall, the court ruling has positioned the SEC in a vulnerable state, raising the possibility of Bitcoin ETF approval in the United States. This news has sparked excitement within the crypto community and could have significant implications for the future of Bitcoin.
