Pro-XRP lawyer John Deaton has shared his thoughts on whether or not the Securities and Exchange Commission (SEC) would approve a Spot Bitcoin ETF. He hinted at the regulator, most especially its Chair Gary Gensler, pulling a shocker on everyone who is anticipating an approval.
SEC And Gensler To Pull Off A Rug Pull?
In a post shared on his X (formerly Twitter) platform, Deaton quizzed about whether Gensler was about to pull off the greatest “regulatory rug pull of all time.” The lawyer put forward this question as he highlighted the amount of optimism in the market, as many expect the SEC to approve the pending Spot BTC ETF applications.
Specifically, he alluded to the prediction of a 90% chance that these funds will get approved by January 10, 2024. Bloomberg analysts James Seyffart and Eric Balchunas made this prediction as they believe there is a high likelihood of the SEC approving a Spot Bitcoin ETF. January 10 happens to be the final deadline for a decision on ARK 21Shares Spot Bitcoin.
However, Deaton seems to believe that there is also the possibility (no matter how slim) that the the regulator could deny these applications. That would explain the “regulatory rug pull” he mentioned, as it is likely in reference to the SEC and Gensler doing the unexpected, especially considering their welcoming reception so far.
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