JPMorgan Chase has stated that spot Bitcoin ETFs may be approved within a few months. The New York bank expects the SEC to approve the plan on January 10th next year
JPMorgan Chase has stated that spot Bitcoin ETFs may be approved within a few months. The New York bank expects the SEC to approve the plan on January 10th next year.
Wall Street analysts from JPMorgan Chase and Bloomberg made this prediction in a report released on Wednesday. The statement states that the SEC is "most likely" to approve Bitcoin ETFs before January 10, 2024.
Although the US Securities and Exchange Commission has doubts about cryptocurrencies, they expect the Commission to approve Bitcoin ETFs soon.
JPMorgan Chase wroteBitcoin ETFs will be listed within a few months
JPMorgan Chase: SEC to approve spot ETFs in January
The crypto market has been anxiously awaiting approval from the US Securities and Exchange Commission for multiple proposals for spot Bitcoin exchange traded funds. Earlier this week, an erroneous report regarding the SEC's approval of spot Bitcoin ETFs led to BTC prices soaring to $30000.
At the same time, institutional investors are urgently seeking approval from the US Securities and Exchange Commission to obtain some exposure to digital assets in their investment portfolios.
Exchange traded funds with spot Bitcoin prices may boost the cryptocurrency market through significant institutional investments from hedge funds:
Although the SEC has approved Bitcoin futures ETFs, the lack of spot varieties in the United States is still noteworthy
However, SEC Chairman Gary Gensler remains tight-lipped about how the SEC plans to respond to the widespread demand for Bitcoin price ETFs.
Coinbase's legal representative predicts that Bitcoin ETFs will "soon"
Coinbase's Chief Legal Officer Paul Grewal told Bloomberg on Friday that he "hopes" that the US Securities and Exchange Commission will soon approve:
I really hope these [ETF] applications can be approved, even if it's just because they should be approved according to the law
Greval added:
I believe that the companies that provide strong recommendations for these products and services are among the largest blue chip stocks in the financial services sector
In an interview with Bloomberg this week, Gensler provided most of the sample answers:
The chairman of the SEC discussed the agency's work on ETFs to Bloomberg, but only made general comments
JPMorgan Chase expects that with the approval of the US Securities and Exchange Commission (SEC), hedge funds will compete to provide exchange traded funds that track Bitcoin prices.
ArkInvest CEO Cathie Wood stated in a recent interview with Bloomberg that she expects the SEC to approve multiple Bitcoin ETF proposals simultaneously.
The proposed companies include BlackRock, Invesco, WisdomTree, Fidelity, and others.
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