Responding to Commissioner Hester Peirce’s bewilderment concerning the SEC’s failure to green light a Bitcoin ETF, John E Deaton, an attorney hailing from Crypto-Law US, shares his insights into the implications of this conundrum for the general populace.
Additionally, among the potential outcomes lies the prospect of an endorsement materializing prior to the year’s conclusion, or at the very latest, by the culmination of the initial quarter in 2024.
A Pivotal Element In her reply, Commissioner Hester Peirce voiced her ambiguity regarding the SEC’s timeline for approving a Bitcoin spot BTC fund.
Moreover, Peirce, a strong supporter of the Bitcoin ETF approval, stressed the significant influence of the ongoing legal case. She also mentioned that she finds it difficult to predict her colleagues’ position on this matter.
“The rationale behind our failure to greenlight a Bitcoin ETF has consistently perplexed me. Clearly, the legal proceedings constitute a pivotal factor in this landscape, but I am unable to anticipate my fellow commissioners’ viewpoint on this matter.”
SEC’s Thorough Evaluation of Multiple Bitcoin Spot ETF Applications
In light of these unfolding events, Deaton posits two distinct prospects for consideration: First and foremost, the SEC may have altered its position and is on the verge of authorizing the Bitcoin spot BTC ETF, either before the year concludes or indisputably during the inaugural quarter of 2024, indicating a notable shift in their standpoint.
Alternatively, Deaton proposes that the ongoing SEC deliberations could be a strategic move to gather more insights. Furthermore, this might be with the aim of creating a new rationale for rejecting the spot ETF. Such a move could lead to one of the most extraordinary misdirections or ‘reversals’ in the SEC’s history.
Furthermore, in a post dated October 19, the Chairman of the SEC, Gary Gensler, affirmed that the regulatory authority is meticulously examining multiple applications for Bitcoin spot ETFs.
However, Gensler mentioned the presence of eight or nine such petitions at the moment. He emphasized the thoroughness of the evaluation process. Yet, he refrained from divulging specific details about their current status.