Light at the End of the Tunnel? SEC denies Bitcoin Spot ETFs, but it's not what it seems! 🐂🪙📈⬆️

10 months ago
72
SEC Spot ETF ETF Bitcoin BTC BlackRock Denial

Just as Bitcoin was pumping past $31k yesterday, the SEC today announced they were not approving Bitcoin Spot ETF filings, but only the current filing and gave a very specific reason: "they didn't name the Spot Bitcoin Exchange with which they are expected to have a 'Surveillance-Sharing Agreement'," which only means they just need to add that info and refile with the SEC. No biggie.

This is actually really good news that the only concern the SEC has with the Bitcoin Spot ETF filings is the SEC wants a window to look at the books so they can detect possible fraud and manipulation of the Spot ETF.

The news of the initial denial sent Bitcoin falling $1k, but within hours of the SEC letting the reason for the denial be known, it began pumping upward again.

The SEC has until February 2024 to approve these Bitcoin Spot ETF's. It is expected that due to the timing of the SEC going after 'Exchanges that allow Staking', 'Proof of Stake' (Unregistered Securities) & 'Crypto with Pre-Mines', not to mention BlackRock being the first to file for a Bitcoin Spot ETF, they will eventually be approved.

If approved, this will immediately result in the companies that filed for Bitcoin Spot ETFs being required to hold 'proof of reserves' for assets held for that Spot ETF and a buying frenzy will commence, sending the price of Bitcoin through the roof. Combine that with the Bitcoin Halving in April-May of 2024, and we could very well see Bitcoin at $100k to $200k (or more) by the end of the year in 2024.

https://www.reuters.com/technology/sec-says-spot-bitcoin-etf-filings-are-inadequate-wsj-2023-06-30/

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