According to a Bernstein analysis, SEC approval for spot bitcoin ETFs could come soon.
Bernstein, a brokerage firm, suggests that the U.S. Securities and Exchange Commission (SEC) may face difficulties in maintaining its current stance on spot Bitcoin exchange-traded funds (ETFs). Approval for spot ETFs is deemed relatively likely, as the SEC has already granted permission for futures-based Bitcoin ETFs. However, the SEC has expressed concerns about the reliability of spot Bitcoin ETFs due to the lack of regulation on spot exchanges like Coinbase.
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Despite numerous applications, the SEC has not yet approved a spot Bitcoin ETF. The report also mentions BlackRock's submission for a spot Bitcoin ETF and Grayscale's efforts to convert its Grayscale Bitcoin Trust into an ETF. The analysts note the challenge of approving futures-based ETFs while denying spot ETFs, as the court remains unconvinced about the influence of spot prices on futures prices. The report concludes by suggesting that the SEC prefers a regulated Bitcoin ETF led by mainstream Wall Street participants, monitored by regulated exchanges, rather than relying on over-the-counter products like Grayscale's.
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