Experts in the industry are optimistic about obtaining approval for a Bitcoin ETF in the United States by early 2024. While most market observers are highly confident that the SEC will approve, a segment of experts has considered the potential consequences for the market in the event of ETF disapproval. Nate Geraci, a renowned ETF expert, has voiced apprehension, suggesting that a rejection could lead to one of the most substantial setbacks in crypto history, alongside a notable market downturn.
In response, a user remarked, “My strategy of expecting nothing from the SEC has been 100% successful so far. I don’t anticipate them approving anything related to crypto as long as Gary Gensler is in office. If they do, it would be a pleasant surprise.”
Nevertheless, the expected introduction of a spot Bitcoin ETF in early 2024 has sparked hope in the cryptocurrency market, leading to discussions about a potential shift in its trajectory. Recent statements from Gary Gensler, the Chair of the U.S. Securities and Exchange Commission [SEC], have added to this anticipation. While acknowledging past rejections of spot Bitcoin ETF applications, Gensler revealed a noteworthy development, stating, “So we’re taking a new look at this based on those court rulings.”
As reported by TronWeekly, Gensler’s remarks have raised speculation about a possible change in the regulatory stance on crypto funds. While opinions within the community vary, some see it as a positive development, commenting, “This sounds like progress! Let’s see where this reevaluation leads. Exciting times for Bitcoin!”
Bitcoin ETF: Community Reacts On SEC Chair’s “New” Outlook
Supporters of Bitcoin argue that this time might be different, asserting that Gensler cannot afford to be “arbitrary and capricious” given his previous approval of futures ETFs. With 8–12 filings under consideration at the SEC, there’s anticipation for a significant crypto presence on U.S. stock exchanges.
Despite the U.S. Securities and Exchange Commission delaying decisions on several proposals for spot Bitcoin exchange-traded funds and extending the review process, institutional interest from the major asset under management [AUM] players continues. Financial giants like BlackRock, Invesco, and Fidelity have joined the competition, and analysts are optimistic. The idea of institutionalizing Bitcoin is gaining traction, drawing parallels to the early 2000s adoption of gold ETFs.