TO recent development has cast a shadow of doubt on the imminent approval of the bitcoin-news/sec-prove-bitcoin-is-not-manipulated/” rel=”nofollow noopener” target=”_blank”>Spot bitcoin ETF Pending Applications for him crypto/sec-announcement-crypto/#:~:text=What%20The%20SEC’s%20Latest%20Announcement%20Means%20For%20The%20Crypto%20Industry,-by%20Scott%20Matherson&text=A%20recent%20announcement%20by%20the,actions%20have%20had%20on%20it.” rel=”nofollow noopener” target=”_blank”>National stock market Commission (SECOND). Along these lines, a legal expert has hinted at what could happen next if the SEC were to reject these requests.
Applicants Will Sue SEC If bitcoin ETF Is Rejected
Lawyer and Web3 enthusiast James “MetaLawMan” Murphy mentioned in an X (formerly Twitter) mail that he Detect bitcoin ETF Applicants I would immediately sue the SEC if all applications were rejected. He further suggested that the Commission would likely lose since the Court of Appeal one more time He declared that the decision was “arbitrary and capricious.”
In Murphy's view, the Commission has no justifiable reason to deny these requests. Alluding to the Grayscale caseThe legal expert noted that the SEC had given every possible reason to deny the asset manager's request and still lost. For this reason, he hopes that the regulator bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>approve multiple applications by January 10.
The lawyer's statement comes after the crypto community was thrown into a state of confusion following Matrixport report that the SEC would likely reject all proposals this month. This came after months of excitement because it was very likely that the Commission bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>Approve a bitcoin Spot ETF this month.
Meanwhile, Eric Balchunas, Bloomberg analyst arrived to Markus Thielen, head of research at Matrixport, for clarification on what they based their prediction on. In response, Thielen mentioned that its report was not based on inside information from any issuer or from the SEC itself. Nor did he provide any convincing reason why he suddenly became “bearish.”
<img decoding="async" class="aligncenter size-medium" src="https://technicalterrence.com/wp-content/uploads/2024/01/Was-Bitcoin39s-fall-planned-Matrixport-founder-sets-the-record-straight" alt="Tradingview.com bitcoin Price Chart (bitcoin Spot ETF)” width=”3266″ height=”1530″/>
btc recovers from crash | Source: BTCUSD on Tradingview.com
Is there no cause for alarm?
As Thielen's response shows, there is no evidence so far to suggest that the SEC is likely to reject all Spot bitcoin ETF applications. Bloomberg Analysts James Seyffart and Eric Balchunaswho have long maintained that there is a bitcoin/bloomberg-spot-bitcoin-etf/#:~:text=Bloomberg%20Analyst%20Predicts%20Likelihood%20Of%20A%20Spot%20Bitcoin%20ETF%20By%20January%202024,-by%20Scott%20Matherson&text=Following%20notable%20changes%20to%20the,as%20early%20as%20next%20year” rel=”nofollow noopener” target=”_blank”>90% chance of approval which will arrive on January 10, reaffirmed its position after the Matrixport report.
Quoting FOX business reporter Eleanor Terrett, Seyffart mentioned that the SEC could be telling issuers to expect approvals soon enough. In line with this, he still expects this to happen between January 8 and 10.
He also provided information on when these funds might begin trading, saying the gap between approval orders and actual trading “will be measured in days” and not weeks.
Balchunas also echoed similar sentiments on his X platform. He noted How so far there have been multiple reports from people with concrete information that an approval is imminent. He also reaffirmed his position that there is a 90% chance that the SEC will approve these bitcoin Spot ETFs soon enough.
Featured image from Coinpedia, chart from Tradingview.com
