JPMorgan analysts: The U.S. SEC may be forced to approve spot Bitcoin ETF applications

ChainCatcher news, according to The Block, JPMorgan analyst Nikolaos Panigirtzoglou and others wrote in a report on Friday that Grayscale's victory means the U.S. Securities and Exchange Commission will have to revoke its previous approval of futures-based Bitcoin ETFs to justify its rejection of Grayscale's proposal to convert its Bitcoin trust into an ETF.

Therefore, the analyst believes that "it seems more likely that the U.S. Securities and Exchange Commission will be forced to approve several spot Bitcoin ETF applications that have not yet been approved by asset management companies, including Grayscale's application."