There are currently multiple Spot Bitcoin ETF applications awaiting approval from the SEC. While the SEC has been strict on applications so far, there is a light at the end of the tunnel when a court in Washington overturned the SEC's blocking of Grayscale's application for Spot Bitcoin approval.
CNBC Predicts All Spot Bitcoin ETFs Will Be Approved This Fall
This decision paves the way for other Spot Bitcoin ETF applications to be approved, and CNBC analysts predict that all of these applications will be approved this fall.
CNBC's Bob Pisani agrees that it's up to the SEC to approve these applications.
Regarding the decision of yesterday's three-judge hearing in Washington to overturn the SEC's blocking of Grayscale's application, the SEC must first decide within 45 days whether to appeal the decision.
In addition, there are multiple Spot Bitcoin ETF applications pending approval while the SEC awaits a possible appeal. These include applications from BlackRock, Bitwise and other financial institutions.
The SEC is at a crossroads regarding the future of Bitcoin and crypto. Pisani believes that this future will finally be determined this autumn.
SEC chairman Gary Gensler's position is clear, but there are those within the US government who publicly call for Gensler's removal, including US Congressman Warren Davidson of Ohio.
The SEC is expected to hold its election this fall, and the appeal is expected to take place by October.
*This is not investment advice.
