JP Morgan analysts, spearheaded by Nikolaos Panigirtzoglou, have forecasted that the US Securities and Exchange Commission (SEC) will likely be forced to greenlight several spot Bitcoin Exchange-Traded Funds (ETFs). This prediction comes on the heels of Grayscale’s significant legal triumph against the SEC.
Last week, a federal court mandated the SEC to revisit its prior rejection of Grayscale’s bid to convert its BTC Trust (GBTC) into an spot ETF. The court’s decision was rooted in the SEC’s “arbitrary and capricious” stance, where it failed to elucidate its differential treatment of futures-based ETFs and spot-based Bitcoin ETFs. The court emphasized that the SEC’s rejection lacked a solid foundation, especially given the close correlation between the spot market and the CME futures market.
JP Morgan Predicts Spot Bitcoin ETF Approval
Nikolaos Panigirtzoglou remarked in a note, “The SEC would have to retroactively…
