Bitcoin’s ETF Momentum Is Stuck

TL;DR

• We just took the temperature of the space, and the hope of having a BTC ETF in the next 6 months or so is starting to feel a little chilly for the first time in recent memory.

• Ark Invest’s application for a BTC ETF was recently put on ice by the SEC and won’t be up for review for another 8 weeks.

• In a former SEC attorney’s opinion, the SEC in its current standing is unlikely to grant the Bitcoin ETF everyone is hoping for. According to Mr. Stark, if we want an ETF - we're going to have to wait for a change in government (and SEC chair).

Full Story

Time for our bi-weekly (ish) check in with Bitcoin - or more specifically, the long awaited Bitcoin Exchange Traded Fund (ETF).

For those of you playing at home:

A Bitcoin ETF would mean stock traders could essentially buy Bitcoin via the US stock market, which would bring a whooole bunch of money into crypto.

That would be great! What's not great is...

We just took the temperature of the space, and the hope of having a BTC ETF in the next 6 months or so is starting to feel a little chilly for the first time in recent memory.

Ark Invest’s application for a BTC ETF was recently put on ice by the SEC and won’t be up for review for another 8 weeks.

Sure, this response from the SEC was more of a 'maybe later,' than it was a straight up 'NO!'

...but Ark's application was originally filed all the way back in 2021.

(That's a very long 'maybe later' period).

But ok, fine - not the end of the world. We can tough it out. Patience is a virtue and all that...

Enter: John Reed Stark. He's a former SEC attorney, and he comes bearing not-so-great news.

In JRS's opinion, the SEC in its current standing is unlikely to grant the Bitcoin ETF everyone is hoping for. According to Mr. Stark, if we want an ETF - we're going to have to wait for a change in government (and SEC chair).

See what we mean?

It's not like our hopes of a Bitcoin ETF are completely frozen...

But they could do with a jacket.