Matrixport Analyst Forecasts SEC Rejection of Bitcoin Spot ETFs in January Chill
In a chilly revelation for the crypto market, Matrixport analyst Markus Thielen predicts a frosty January as the Securities and Exchange Commission (SEC) gears up for a sweeping rejection of all bitcoin spot ETF proposals. Despite ongoing discussions and revisions to S-1 prospectuses, Thielen points to an unaddressed criterion that could lead to a collective dismissal.
Unmet Criteria: SEC Challenges Loom Large for ETF Approval
Thielen's analysis delves into the intricate dynamics of politics and compliance within the crypto landscape. While the prospect of an ETF promises a warmer embrace for crypto in the U.S., Thielen argues that current proposals fall short of SEC Chair Gary Gensler's vision of stringent compliance.
Gensler's Stand: A Probable Barrier to Approval
"SEC Chair Gensler's cautious approach to crypto in the U.S. makes approval for bitcoin spot ETFs a distant hope," observes Thielen. The timeline for meeting Gensler's compliance benchmarks extends into Q2 2024, heightening the likelihood of January rejections.
Fraud Concerns Echoed: Gensler's Watchful Eye
Gensler's recent remarks on CNBC mirror the SEC's concerns, citing rampant fraud and compliance lapses in the crypto field. "There's been far too much fraud and bad actors in the crypto field," Gensler emphasizes, underscoring the need for adherence to securities laws and anti-money laundering regulations.
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