Bloomberg experts believe that direct Bitcoin ETFs in the US will be approved by the middle of next year.
Exchange-traded funds analyst James Seyffart and strategist Eric Balchunas opined that “a massive change in attitude from the SEC” lies ahead. It is the US Securities and Exchange Commission that will regulate the activities of cryptocurrency exchanges. Therefore, the regulator will have no reason to ban direct Bitcoin ETFs.
New note out on why we think spot bitcoin ETFs will get approved in early Summer 2023. The SEC is proposing to expand the definition of “exchange” which would bring crypto platforms under SEC reg. After that (which could take a year) look for ETFs to get green light via @JSeyff pic.twitter.com/TtFgFXrJ8h
— Eric Balchunas (@EricBalchunas) March 24, 2022
“We expect the change in the definition of “exchange” to come into effect from November 2022 to May 2023. Once US cryptocurrency exchanges comply with SEC requirements, the regulator will lose the main reason for refusing to register direct bitcoin ETFs, ”analysts are sure.
It is supposed to include in the concept of the exchange “a system of interaction of protocols that allows trading any type of securities.” The word “cryptocurrency” is not in the documents, but Bloomberg analysts are confident that cryptocurrency exchanges will also fall under SEC regulation.
In the middle of last year, Balciunas and Seyffart predicted that the SEC would approve a Bitcoin Futures ETF by the end of 2021. As it turned out, they were right – regulators approved the launch of the ProShares fund in October.
Source: Bits
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