Bloomberg Analyst Predicts Highly Anticipated U.S. Bitcoin ETF to Launch in October

Bloomberg ETF analysts Eric Balchunas and James Seyffart published an investor note on Tuesday suggesting that a bitcoin ETF could be approved in October.

They believe that the recent withdrawal of ProShares and VanEck’s applications for Ethereum futures ETFs could be a sign that the U.S. Securities and Exchange Commission’s (SEC) actions regarding Bitcoin ETFs are beginning to develop rapidly.

ETF experts predict that regulators will approve multiple ETFs at the same time to avoid giving one fund an unfair advantage over others.

Analysts noted that “VanEck and ProShares’ withdrawal of their applications for bitcoin futures ETFs is a good sign for potential bitcoin futures ETFs, and the SEC has allowed these applications to remain active.”

“The SEC could launch a Crypto ETF as early as October, and we believe the SEC should allow multiple companies to launch simultaneously to avoid first-mover advantage.”

This is new good news for investors who have long called for SEC-approved exchange-traded funds in the United States.

The SEC has long been dragging its feet on approval, which has frustrated some. SEC Commissioner Hester Peirce, a long-time crypto advocate, has repeatedly pointed out that a Bitcoin ETF should have been listed in the United States long ago.

Peirce, affectionately known as "Crypto Mom" ​​in the crypto space, began last year, arguing that the U.S. Securities and Exchange Commission (SEC) puts U.S. investors at risk of crypto investments.

She admitted that only the SEC could fill this gap by allowing Bitcoin funds to be traded on regulated markets. The commissioner believes that the commission's failure to approve a Crypto ETF is unfair to the entire industry.

She believes that by not providing a "safe harbor" to investors and innovators in the Crypto industry, the SEC may be driving the industry out of the U.S. This would be a loss for the country because the revenue generated by the industry is gradually increasing.

She has reiterated this stance on several occasions and has criticized the Commission’s approach in regulating the Crypto industry in the absence of a clear regulatory framework.

SEC Gary Gensler, on the other hand, hopes he can bring some favorable changes to the Commission’s stance on Crypto.

However, nothing has worked so far, much to the disappointment of the industry. Gensler’s position that the SEC needs more power to regulate the Crypto industry to better protect consumers has put most of the key players in the community in a difficult position.

While Gensler believes that the industry needs “regulation” to truly reach its full potential, the SEC hasn’t been much help in providing said rules. His non-response to questions posed to him about whether Ethereum is a security is pretty telling.

In an effort to clear up the uncertainty, attorney Jeremy Hogan, who is defending the SEC’s proceedings against Ripple, asked Gensler on Twitter for a straight answer to the question, but received no response.

These circumstances constitute one of the key points of the questions raised by supporters of the Crypto space to the SEC.

The community wants the SEC to clearly state which cryptocurrencies it considers to be securities and which are not. In response to Gensler’s recent comments on Twitter regarding the Commission’s stance on crypto and consumer protection, the billionaire CEO of the NBA’s Dallas Mavericks expressed dissatisfaction.

"Make the regulations clear and transparent so that users know what the rules are." He believes that the community is eager to abide by the rules, but there are no clear regulations now.

In general, all sectors of society hope to see some progress in the solution before October. (Blockchain Knight)