Bernstein Research: The likelihood of the SEC approving a spot Bitcoin ETF is quite high

2023-07-04 11:24:45

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ChainCatcher news, asset management platform Bernstein stated in a research report on Monday that the U.S. Securities and Exchange Commission (SEC) is finding it difficult to maintain its stance on spot Bitcoin (BTC) exchange-traded funds (ETFs), and the likelihood of approval is quite high. The SEC has allowed futures-based Bitcoin ETFs and recently approved leveraged futures ETFs (provided that the futures pricing comes from regulated exchanges like CME).
Moreover, the lack of a Bitcoin spot ETF has led to the growth of over-the-counter products like the Grayscale Bitcoin Trust (GBTC), which are priced higher, have lower liquidity, and are less efficient. The report stated: "The SEC would prefer to introduce regulated Bitcoin ETFs led by more mainstream Wall Street participants and overseen by existing regulated exchanges rather than deal with Grayscale's over-the-counter products that fill the institutional gap." (source link)

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