Recently, Sky Bridge CEO Anthony Scaramucci expressed on X that the approval of the Bitcoin (BTC) cash Exchange Traded Fund (ETF) might occur in the upcoming week. Scaramucci highlighted the timing during a holiday week, suggesting that the news might be overlooked amidst the festivities, labeling it a “classic news dump.” He emphasized the lack of market expectations, advising investors to be prepared. The anticipation for a Bitcoin ETF in the U.S. has been a prolonged one, and it appears that approval may be imminent.
Scaramucci, who had initially predicted an early January approval for a spot BTC ETF, suggested in a podcast that the likelihood of meeting the January 10, 2024, deadline is high. However, there seems to be a shift in his perspective, as the Sky Bridge founder now anticipates an earlier approval date.
A notable trend among spot BTC ETF applicants is the preference for a cash-only approach rather than the in-kind method. This approach involves collecting cash and subsequently purchasing BTC to create shares, deviating from the traditional method of acquiring the asset first.
December Decision: Will the SEC Greenlight a Spot Bitcoin ETF?
As per Bloomberg’s analysis, approval for one or more spot Bitcoin (BTC) ETFs may materialize by January 10, 2024. The U.S. Securities and Exchange Commission (SEC) has extended every deadline for its decision throughout 2023. Analysts predict that the regulatory body is likely to grant approval early next year. However, Scaramucci’s perspective also holds merit.
The SEC might choose to disclose its decision during holiday celebrations to downplay the development amid the busy period for investors and traders. Nevertheless, there remains the possibility that the SEC could once again postpone its decision on the spot Bitcoin (BTC) ETF due to technical considerations. The SEC faced an unfavorable outcome in its legal battle against Ripple, raising concerns about its readiness to navigate the complexities of the cryptocurrency market.