Bloomberg’s ETF guru James Seyffart paints a picture where the SEC, led by Chair Gary Gensler, is cornered by recent legal developments. During TheBlock’s The Scoop podcast, Seyffart predicts an inevitable approval, especially after Grayscale Investments’ victory in converting its Bitcoin Trust into a spot ETF. ✌️
SEC Chair Gary Gensler hinted at a shift in the SEC’s stone-cold stance on spot ETFs. In a moment of revelation on CNBC, Gensler acknowledged that the commission is reassessing its position due to recent court rulings.
Adding to this narrative, Bloomberg’s Eric Balchunas is optimistic, betting on a 75% chance of approval by year-end. Seyffart, not to be outdone, forecasts a green light by January 10, 2024. This anticipation has sparked a rally in the crypto market, with $BTC and friends like $ADA, $SOL, and $ETH partying hard, reminiscent of their 2022 glory days.
The crypto community is on the edge of its seats, eagerly awaiting the final act in this ETF approval drama. With the SEC seemingly softening its approach and the market responding with glee, it’s not just a question of if but when. 🪑