James Seyffart, Bloomberg’s senior ETF analyst, said in a spot this week Bitcoin ETF remains optimistic about its approval.
In an interview with Cryptoquant’s Head of Research, Julion Moreno, on Friday, January 5, Seyffart highlighted the key elements shaping the anticipated SEC decision. James Seyffartnoted that the Grayscale court decision, BlackRock’s entry into the cryptocurrency space, and Coinbase’s custody sharing agreements are key factors influencing the highly anticipated Securities and Exchange Commission (SEC) decision.
Seyffart also stated that there was no logic behind the court’s decision to allow Bitcoin futures ETFs while rejecting spot Bitcoin ETFs. This now means the SEC is backed into a corner and may be forced to issue an approval due to changing circumstances.
Despite the occasional negative expectations in the community, ETF analysts pointed out that ARK and 21Shares have a 90% chance of approval within the week, pointing to the January 10 deadline for Bitcoin ETF applications.
The analyst considers three possible scenarios for disapproval:
- The first of these is to persuade applicants to withdraw their applications before the deadline, a possibility Seyffart does not consider very much.
- The second scenario is that the SEC issues new grounds for rejection, which Seyffart sees as unlikely given the recent court decision weakening past grounds.
- The third and least likely scenario is that the Biden administration makes a dramatic move using an executive order to halt the confirmation process.
As Koinfinans.com reported, SEC Chairman Gary Gensler cryptocurrencyThe warning message he published about the s is also interpreted as a clue.