More Speed Humps on the Road to a Spot Bitcoin ETF

TL;DR

• Gary's been copping a lot of heat for his inconsistent approach to regulating the crypto industry - and after getting a scolding in the Grayscale case, he's come out and said the SEC is 'taking a new look' at the many pending Bitcoin ETF applications.

• While we're still confident that a spot Bitcoin ETF will inevitably launch in the US and bring a whole bunch of new investment to BTC...We wouldn't be shocked if it didn't happen in early Jan 2024, like much of the market currently expects it to.

Full Story

"You know what, I am not going to give up that easy. I am going to make this way harder than it needs to be."

Was this quote from:

A) Michael Scott, when breaking up with Holly Flax in S5 E5 of The Office?

or

B) Gary Gensler, after a court found his denial of Grayscale's Bitcoin ETF to be 'arbitrary and capricious'?

If you answered A) you are correct!

If you answered B), you are also correct...probably.

We're not sure if Gary outright said it, but his actions are certainly singing a similar tune.

See, Gary's been copping a lot of heat for his inconsistent approach to regulating the crypto industry - and after getting a scolding in the Grayscale case, he's come out and said the SEC is 'taking a new look' at the many pending Bitcoin ETF applications.

Which signals potential for positive forward movement.

...but meanwhile (in the background), Gary's team has hardened its stance on a key point featured in multiple ETF applications (including BlackRock's), which will likely require further review.

What does all this mean?

Short answer: potential delays.

While we're still confident that a spot Bitcoin ETF will inevitably launch in the US and bring a whole bunch of new investment to BTC...

We wouldn't be shocked if it didn't happen in early Jan 2024, like much of the market currently expects it to.