Following the Grayscale lawsuit judgment against the US Securities and Exchange Commission (SEC), analysts expect the United States to have a higher chance of getting approval for the country’s first-ever spot Bitcoin ETF
In a significant development, two Bloomberg analysts Eric Balchunas and James Seyffart revealed the improved chances of approval for the spot ETF in the United States.
This comes after the US Court ruling on August 29, 2023, granting the Grayscale motion to convert the company’s Bitcoin Trust (GBTC) into a spot Bitcoin ETF. Earlier, Balchunas stated that the chances of spot ETF approval now reached 75% in 2023, which means the odds are higher for the nod than not.
The analyst left little room for the ETF approval to drag into the later stages of the year 2024. Hence, the new developments could most likely fall just in time for a massive Bitcoin BTC price rally before the crucial Bitcoin Halving event in the second quarter of 2024.
The analysts further said that the US SEC could likely fall short of justifying more and more denials of the spot ETF applications.