The cryptocurrency market saw a 2.87% surge in Bitcoin (BTC) on Thursday, potentially due to heightened speculation surrounding the potential approval of BTC-spot ETF applications by the U.S. Securities and Exchange Commission (SEC).
Bloomberg Intelligence ETF analyst James Seyffart shared updates on the situation, drawing attention to the imminent opening of the approval window on Friday. Meanwhile, Craig Salm, the Chief Legal Officer of Grayscale, posted on Twitter that he was “just filling out some forms” in relation to the BTC-spot ETF market, gaining significant attention and further fueling the speculation.
However, despite the excitement, there is still uncertainty surrounding the potential approval. A report from Bitwise revealed that less than 50% of advisors anticipate a spot BTC ETF in 2024, showcasing differing perspectives between advisors and Bloomberg ETF analysts. Seyffart expressed surprise at this finding and maintained a cautious stance, stating that he does not expect official BTC ETF approval orders to come tomorrow, but rather on January 8th-10th.
In related news, Chairman of the House Financial Services Committee Patrick McHenry announced a sub-committee hearing scheduled for January 10th. Titled “Regulatory Whiplash: Examining the Impact of FSOC’s Ever-Changing Designation Framework on Innovation,” this hearing could bring attention back to SEC Chair Gary Gensler and the ongoing regulatory discussions surrounding cryptocurrency.
The hearing’s focus on regulatory frameworks and their impact on innovation may also spark debate on the proposed Digital Asset Anti-Money Laundering Act, which has been a topic of concern for many in the U.S. crypto landscape.
As the crypto community eagerly awaits the outcome of the BTC-spot ETF speculation, it is important to note that the regulatory landscape and legislative developments continue to play a crucial role in shaping the future of cryptocurrencies in the United States.