There are multiple Spot Bitcoin ETF applications currently pending approval from the US SEC. While the SEC has been strict on applications so far, there is a light at the end of the tunnel, as a Washington court overturned the SEC blocking an application from Grayscale for Spot Bitcoin approval. That decision paves a path for other Spot Bitcoin ETF applications to be approved, and CNBC analysts predict that all of those applications will be approved this fall.
CNBC’s Bob Pisani acknowledges that the approval of these applications all relies on the SEC. The SEC’s chair, Gary Gensler, has been actively fighting the approval of these Spot Bitcoin ETFs and crypto. In terms of yesterday’s decision by the three-judge panel in Washington to overturn the SEC blocking Grayscale’s application, the SEC must first decide within 45 days if it will appeal the decision.
Will Pending Spot Bitcoin ETF Applications Get Approval?
In addition, while the SEC waits on a potential appeal, there are multiple other Spot Bitcoin ETF applications pending approval. These include applications from BlackRock, Bitwise, and other financial institutions.
Also Read: Grayscale Beats SEC in Court, Bitcoin ETF Chances Improve: Bernstein
The SEC is at a crossroads on the future of Bitcoin and crypto. Pisani believes that this future will finally be determined this fall. Whether the SEC doubles down on their decisions with an appeal or folds to allow all of the applications through is the debate.
The SEC chair Gary Gensler’s stance is clear, however, he is also on the hot seat. There are some within the US government, including US Congressman Warren Davidson of Ohio, who publicly want Gensler out. Additionally, there are some within Congress that are all for the future of crypto, not just in Bitcoin, such as US Congressman Patrick McHenry with stablecoins.
It is justifiable that the SEC will make their choice this fall, with their appeal due by October. However, CNBC yesterday’s decision does bode well for the future of Bitcoin and pending Spot Bitcoin ETF applications.