SEC could approve spot Bitcoin ETFs as early as 2023 — Bloomberg analysts

James Seyffart and Eric Balchunas, analysts at Bloomberg on exchange-traded funds (EFT), suggested that a rule change proposed by the United States Securities and Exchange Commission could be the catalyst to the approval of a spot Bitcoin ETF by the regulatory body in mid-2023.

Balchunas tweeted on Thursday that crypto platforms could be included in the SEC’s regulatory structure if the SEC approved the January amendment to the definition of exchange. This rule change would allow platforms to “make available for trading any kind of security” under the Exchange Act. It is likely that this includes cryptocurrencies.

Analysts stated that once crypto exchanges comply, the primary reason of the SEC denying spot Bitcoin ETFs would be invalid, potentially clearing the way to approval.

Balchunas, Seyffart and Seyffart stated that the amended definition of “exchanges” could be finalized in November 2022 or May 2023. This would allow the SEC to approve spot crypto ETFs with Bitcoin exposure. Despite approving some investments vehicles that are linked to Bitcoin futures in 2020, the regulatory body has rejected any rule changes that would allow spot BTC ETFs to be listed on exchanges.

We believe spot bitcoin ETFs will be approved by the SEC in the early summer 2023. SEC proposes to expand the definition “exchange”, which would place crypto platforms under SEC regulation. After that (which could take a year) look for ETFs to get green light via @JSeyff pic.twitter.com/TtFgFXrJ8h
— Eric Balchunas (@EricBalchunas) March 24, 2022

Related: Does Bitcoin’s price mirror the 2017 bull run in 2017?

Numerous U.S. legislators and industry leaders have protested against the SEC’s apparent reticence in approving a spot Bitcoin ETF. Representatives Tom Emmer, Darren Soto and Gary Gensler wrote to Gary Gensler in November challenging the reasons why the regulator had denied listing shares of a spot Bitcoin ETF. Brian Brooks, Bitfury’s CEO and former Acting Commissioner of the Currency, also stated during a December hearing that the United States was behind the curve in approving crypto ETFs.

https://cointelegraph.com/news/sec-could-approve-spot-bitcoin-etfs-as-early-as-2023-bloomberg-analysts