In the days when the SEC increased its pressure on the crypto money sector, the fact that big financial companies applied for spot Bitcoin ETFs one after another gave a breath of fresh air to Bitcoin and altcoins.
After Bitcoin ETF applications, while BTC went up to $ 31,000, there were also great increases in altcoins.
Now, while the eyes have turned to the SEC, which has not accepted the spot Bitcoin ETF application to date, the ETF report from the investment company Bernstein came.
Bernstein analysts stated that the SEC’s stance on the spot Bitcoin ETF is difficult to maintain, stating that the probability of the SEC’s spot BTC ETF approval is quite high, Coindesk reported.
Bernstein analysts led by Gautam Chhugani made the following statements in the report:
“The SEC believes and does not approve of a spot Bitcoin ETF as unreliable because it considers spot exchanges (e.g. Coinbase) not under its regulation and therefore considers the spot BTC price unreliable and open to manipulation.
The absence of a spot Bitcoin ETF in the US is leading to the growth of over-the-counter products such as the Grayscale Bitcoin Trust (GBTC), which are more expensive, illiquid and inefficient.
At this point, the SEC should aim and prefer to introduce a spot Bitcoin ETF led by more mainstream Wall Street participants and regulated by the oversight of existing regulated exchanges, rather than dealing with an OTC product like Grayscale that fills the institutional void.”
As it will be remembered, companies such as Invesco and Fidelity, especially the world’s largest asset management company Blackrock, also applied for a spot Bitcoin ETF.