© Reuters
The US Securities and Exchange Commission (SEC) has once again postponed its decision on the approval of several exchange-traded funds (ETFs), underscoring lingering regulatory concerns about market manipulation. The delay affects proposals from Global X, Franklin Templeton and Hashdex, which were under the regulator’s last eight-day review.
The cryptocurrency community is closely monitoring the SEC’s stance, as an approval is expected to potentially unlock a massive wave of Wall Street investments in digital assets. CryptoQuant, a crypto analytics firm, has projected that a green light for a Bitcoin ETF could boost the cryptocurrency’s valuation by as much as $1 trillion.
In support of this optimistic outlook, Bloomberg Intelligence has reported a 90% chance of an ETF being approved by January. Market participants speculate that such an event could significantly bolster market stability and liquidity, drawing parallels to the impact gold ETFs had on their respective markets.
Anticipating a possible positive outcome, Coinbase (NASDAQ:), a leading cryptocurrency exchange, has indicated that it is willing to act quickly should a spot Bitcoin ETF be authorized. They expect the introduction of such financial products to have a considerable effect on the market, similar to that seen in traditional commodities following similar introductions of ETFs.
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