Spot bitcoin ETF’s could start to gain approvals from the SECgov by mid-2023 following a proposed rule change to the definition of an exchange, according to Bloomberg Intelligence analysts. mikeybellusci reports
James Seyffart and Eric Balchunas wrote in a post to clients on Thursday.
“Expanding the definition of an exchange could eliminate the agency’s primary objection to the products by bringing cryptocurrency platforms under the SEC’s regulatory framework,” Seyffart and Balchunas wrote. “Once crypto exchanges are compliant, the SEC’s primary reason for denying spot Bitcoin ETFs would no longer be valid, likely clearing the way for approval,” they added.Meanwhile, the SEC has continued to deny or extend reviews on all the applications for U.S. spot bitcoin ETFs that have been submitted to it, citing concerns about protecting investors.
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