Given anticipation and optimism in the crypto community about Bitcoin (BTC) exchange-traded fund (ETF) approval, Bernstein Research has revealed that the US Securities and Exchange Commission (SEC) is expected to grant approval in January 2024.
According to the company’s independent research arm AllianceBernstein, the likely date for the SEC to approve the first spot Bitcoin ETF is January 10, 2024. The information was disclosed in a memo that was shared with TheStreetCrypto on October 30.
The Bernstein Research memo highlighted possible approval to date:
“The market was waiting to see if the SEC would appeal the Grayscale verdict. Now that the SEC has chosen not to appeal and, in fact, has been actively responding with edits/comments on ETF applications, the likelihood of approval by the January 10th deadline appears highly likely.”
It is worth remembering that Neel Maitra, former member of the crypto division of the chairman of the US Securities Exchange Commission (SEC), Gary Gensler, suggested that the approval of a spot Bitcoin ETF could happen within a few months, according to information published by Benzinga, on 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.
At the time of publication, the price of Bitcoin was quoted at US$34,623.62, up 0.6% in the last 24 hours. The cryptocurrency has grown by 2.7% in the last seven days.
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.