Bloomberg analyst explains future plans for spot Bitcoin ETF: SEC is ‘backed into a corner’

adminDecember 15, 2023

Market • December 15, 2023 10:26 AM EST

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Episode 105 of The Scoop Season 5 was recorded as follows: The Block’s Frank Chaparro and Bloomberg Intelligence ETF research analyst James Seyffart.

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James Seyffart is an ETF research analyst at Bloomberg Intelligence.

In this episode, Seyffart shares why he believes approval of a Bitcoin spot ETF is imminent and how the market will react to this news.

Grayscale Investments’ victory against the SEC last August on its application to convert its flagship Grayscale Bitcoin Trust (GBTC) product into a spot Bitcoin ETF is another key factor in the SEC’s potential approval. said Seyffart.

“I think the SEC is kind of backed into a corner by the judges basically throwing out the whole decision and the reasoning they’ve used to reject ETFs in the past,” he added. “I think the SEC and Chairman Gary Gensler know that they are playing a little too far and that they are backed into a corner right now.”

outline:
00:00 – Bitcoin ETF Overview
04:30 – Bitcoin ETF decision schedule
07:47 – Spot Ethereum ETF Probability
09:54 – Bitcoin ETF Odds Spot
18:09 – Grayscale and SEC
24:35 – Cryptocurrency ETF nuances
27:03 – Institutional BTC Demand
33:29 – Closing thoughts

Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

About the author

Davis Quinton is the Director of Podcasts at The Block and has a flagship podcast called The Scoop, hosted by Frank Chaparro. Since joining The Block as an ‘intern’ in early 2022, he has worked closely with leaders across multiple departments to translate The Block’s written content into engaging multimedia formats. He is a graduate of the Department of Social Studies & Public Policy at New York University, Abu Dhabi, and is based in Sydney, Australia.

Frank Chaparro is the editor of The Block. Chaparro began his career at Business Insider, specializing in the intersection of digital assets and Wall Street, market structure, and financial technology. Shortly after joining Business Insider from Fordham University, Chaparro interviewed top financial and technology executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly and New York Stock Exchange President Tom Farley. In 2018, he became a sought-after reporter in the cryptocurrency world, interviewing high-profile figures such as Gemini co-founder Tyler Winklevoss, Circle CEO Jeremy Allaire, and Fundstrat CEO Tom Lee. He runs his own podcast, The Scoop, and writes a biweekly newsletter of the same name. He leads special projects, including The Block’s flagship podcast, The Scoop. Before The Block, she worked at Business Insider, NPR, and Nasdaq. If you have any questions or need any tips, please contact me by email (email protected).

adminDecember 15, 2023