U.S. SEC Could Approve Spot Bitcoin ETFs By Next Year: Bloomberg

Spot Bitcoin ETFs Could See Approvals by 2023: Bloomberg Analysts

Bloomberg Exchange Traded Fund (ETF) analysts Eric Balchunas and James Seyffarth said that a proposed rule change with the U.S. Securities and Exchange Commission (SEC) could lead to the approval of a Spot Bitcoin ETF in mid 2023.

Spot Bitcoin ETFs Could See Approvals by 2023: Bloomberg Analysts

Balchunas wrote in a Twitter post Thursday that crypto platforms could fall under the SEC’s regulatory framework if the commission were to approve the amendment to change the definition of “exchange” proposed in January.

If the rule change gets implemented, the exchange would have platforms “that can be used to trade securities of any type” including cryptocurrencies that could be more favorable for the regulators.

“Expanding the definition of an exchange could eliminate the agency’s primary objection to the products by bringing cryptocurrency platforms under the SEC’s regulatory framework,” Seyffart and Balchunas wrote.

“Once crypto exchanges are compliant, the SEC’s primary reason for denying spot Bitcoin ETFs would no longer be valid, likely clearing the way for approval,” they added.

Both the analysts expect the change to be finalized sometime between November 2023 and May of 2023 which could result in the regulator approving spot cryptocurrency ETFs.

At the moment, SEC has only approved bitcoin ETFs based on bitcoin futures and has so far rejected all rule changes that would allow spot BTC ETFs to be listed on exchanges.

Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Eric Balchunas Bloomberg Exchange Traded Fund James Seyffarth

U.S. SEC Could Approve Spot Bitcoin ETFs By Next Year: Bloomberg

Jafrin Ahmed

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.