Another Win Vs SEC? ETF Approval Soon?

It seems like the constant battle that the SEC has been waging on crypto is now being shoved back into their face. Countless times we have seen the SEC over step and try to "create" new laws and rules that simply don't exist nor the house has passed into law. But the SEC simply continues to file fines, lawsuits and everything else to try and stop crypto adoption.

Out of all of this one good thing that has come from it is the legitimacy of crypto and the proof that the SEC has been overreaching and that the USA court system at least still seems somewhat intact and able to be the last line to hold up freedoms and the law.

SEC Must Review

It was a number of months ago where a Bitcoin Spot ETF was proposed once again from one of the largest if not the worlds largest investment company Grayscale. A spot ETF is much different then the other ETF we have been getting as a Spot ETF would allow for real buying of the asset at current values and be traded on the fly while other shorts etc are more of long term contracts that have little overall effect as they aren't nessasrly buying the actual asset.

The recent update is that as of last night the deadline for the SEC to get back on a court filing that they will not be appealing it which is often what the SEC has been doing in recent months simply delaying the process over and over and over again as much as possible.

However with this changeup in which they could have but wont be might be the flip of the stone we have been waiting for.

What will happen now is some time next week Grayscale and the SEC will have to go back into talks about taking their Grayscale Bitcoin Trust into a spot ETF which many large investment firms have been after.

This still doesn't mean that it is approved. Instead new groundwork and a layout of how the company will be allowed to release the new spot ETF will have to be outlined by the SEC.

This means if grayscale figures out and hits all of the things the SEC does then approval chances are very high come Jan 10th 2024 in which a spot bitcoin ETF would finally hit the open markets for the first time ever.

The Next Steps

On the other side of things however the SEC could still shot down the Bitcoin spot ETF citing other issues which would pretty much restart the process. This is most likely a more reasonable thing that will happen which means continue delays once again. I personally don't have high hopes for a Bitcoin Spot ETF approval while Gary Gensler is in power. That entire government and SEC arm of the government has done everything possible to stop crypto adoption.

More so what I'm thinking is the real case and point on it all will come in the 2024 election which is another year away. At which point if the right people get voted in we could see more fair laws and regulation open to cryptocurrency and start to see mass adoption that rolls in the bull market many have still been waiting for. But 2024 also will bring all new levels of issues mainly in the form of recession and once again record high inflation rates with a world war going on.

What are you thoughts on the Bitcoin Spot ETF? Does it even matter?

Posted Using InLeo Alpha