Scaramucci expects SEC approval for Bitcoin ETF

Anthony Scaramucci, founder of SkyBridge Capital, expressed optimism about the SEC's approval of Bitcoin ETFs.

This optimism came after meetings between SEC officials and representatives from BlackRock, a move discussing the possibility of approving a Bitcoin ETF.

Currently, the price of Bitcoin (BTC) is stable at around $37,000, ahead of the New Year holiday season.

Scaramucci expects SEC approval for Bitcoin ETF:

During one of the audio sessions, Scaramucci stated that if he were asked directly whether the SEC would approve a Bitcoin ETF by January 10, 2023, his answer would be “yes.”

Scaramucci considers this the most logical and clear deadline for approval, since many ETF applications carry deadlines that precede this date, which can make them easier to approve.

However, there is a possibility that the SEC will extend the time period for approval for technical reasons.

It is worth noting that many major financial companies such as “BlackRock,” “Valkyrie,” and “ARK Invest” are competing to obtain the first approval from the SEC for the spot Bitcoin ETF.

Analysts expect the SEC to collectively approve these applications to avoid favoring one company with a first-mover advantage.

Increased discussions between BlackRock and the SEC:
Another meeting was agreed to be held between BlackRock representatives and SEC Trading and Markets Division officials to discuss the Bitcoin spot ETF order.

This meeting comes about a week after the first meeting of the two parties on choosing the cash model for the Bitcoin ETF.

Also, the SEC is deliberating with cryptocurrency trading platforms regarding the required adjustments to ETF operations.

US exchange Coinbase sits at the top of the custody market among most applicants for a Bitcoin ETF.

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Posted Using InLeo Alpha