Neel Maitra, a former member of the crypto division of US Securities Exchange Commission (SEC) Chairman Gary Gensler, suggested that approval of a spot Bitcoin ETF could happen within a few months, according to information published by Benzinga in October 27th.
For him, a significant factor in favor of the product’s approval is the strong correlation between Bitcoin (BTC) futures and the spot market.
“At a high level, it appears that a spot BTC ETF is something that could in fact be approved and traded in a matter of months,” said the former SEC member.
It is worth noting that, this week, the former president of the US Securities and Exchange Commission (SEC), Jay Clayton, once again expressed his confidence in the approval of a Bitcoin ETF during a recent interview with CNBC’s “Last Call”. For Clayton, the approval of a Bitcoin exchange-traded fund (ETF) is “inevitable”.
“The reason I said this is inevitable is that many of the questions that plagued a Bitcoin ETF have been answered to the satisfaction of many sophisticated parties and many regulators,” he stated.
While highlighting his confidence in approval, the former SEC chairman cited several issues that prevented the approval of a spot Bitcoin ETF.
At the time of publication, the price of Bitcoin was quoted at US$34,144.75, up 0.2% in the last 24 hours. The largest cryptocurrency has recorded 14.8% growth in the last seven days.
Optimism grows around the approval of the first Bitcoin Spot ETF in the US
In recent times, the cryptocurrency space has been buzzing with expectations of a Bitcoin bull run. Investors’ eyes turn to the United States, where the approval of the first spot Bitcoin ETF (exchange-traded fund) is eagerly awaited. This news, if confirmed, could mark a game changer for many institutional investors who want a slice of the crypto world.
The person who added fuel to this fire of expectations was the renowned cryptocurrency analyst, “Crypto Rover”. According to its recent analysis, the first Bitcoin Spot ETF could see the light of day in less than 75 days. And the most interesting thing: the bet is that Ark Invest’s ETF may not be the one chosen by the US Securities and Exchange Commission (SEC), but rather that of BlackRock.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.