The U.S. Securities and Exchange Commission (SEC) has once again postponed its decision on the approval of several Bitcoin exchange-traded funds (ETFs), underscoring persistent regulatory concerns over market manipulation. The delay affects proposals from Global X, Franklin Templeton, and Hashdex, which were under the regulator's latest 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 investment from Wall Street into digital assets. CryptoQuant, a crypto analytics firm, has projected that a green light for a Bitcoin ETF could propel the cryptocurrency's valuation by as much as $1 trillion.
Supporting this optimistic outlook, Bloomberg Intelligence has reported a 90% chance of an ETF approval by January. Market participants are speculating that such an event could significantly bolster market stability and liquidity, drawing parallels to the impact gold ETFs had on their respective markets.
In anticipation of a possible positive outcome, Coinbase (NASDAQ:COIN), one of the leading cryptocurrency exchanges, has indicated readiness to act quickly should a spot Bitcoin ETF be authorized. They expect that the introduction of such financial products would have a considerable effect on the market, akin to that seen in traditional commodities following similar ETF introductions.
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