The U.S Securities and Exchange Commission (SEC) may approve spot market Bitcoin (BTC) exchange-traded funds (ETFs) as soon as next year, according to Bloomberg analysts.
Bloomberg financial strategists James Seyffart and Eric Balchunas say that the SEC’s recent proposal to expand the legal definition of “exchange” may mean the regulatory agency is ready to approve spot BTC ETFs sometime in 2023 after rejecting numerous requests during the last year.
As Balchunas says in a tweet,
“We think spot Bitcoin ETFs will get approved in early Summer 2023. The SEC is proposing to expand the definition of ‘exchange,’ which would bring crypto platforms under SEC [regulations]. After that (which could take a year) look for ETFs to get [the] green light.”
The SEC’s proposal would amend the Federal Exchange Act of 1934 to “include systems that offer the use of non-firm trading interest and communication protocols to bring together buyers and sellers of securities,” according to the filed document.
A spot Bitcoin ETF is a security that would track the price of a specific trust’s BTC holdings.
Though SEC Chairman Gary Gensler previously stated that the Commission would be friendly toward futures-based Bitcoin ETFs, it has yet to approve any untimed ones.
Since last year, the Commission has rejected bids from electronics-based stock exchange NYSE Arca, equities exchange Cboe BZX Exchange, US-based ETF provider VanEck and financial services giant Fidelity to create spot BTC ETFs.
Check Price Action
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/Art Furnace
The post Here’s When US Lawmakers Could Approve Spot Market Bitcoin ETFs, According to Bloomberg Analysts appeared first on The Daily Hodl.
