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ETF Chatter Leaves BTC at Sub-$30,000 for a Second Session
It was a quiet Sunday session, leaving investors to respond to ETF-related chatter and SEC v Coinbase case-related news.
Uncertainty surrounding the SEC approval of one, some, or all of the spot BTC ETF applications continued to leave BTC in limbo.
On Sunday, former SEC official John Reed Stark shared his views on the likelihood of the SEC approving spot BTC ETFs, saying,
“My take is that the current SEC will NOT approve a bitcoin spot ETF application for a range of compelling reasons.”
Stark went on to say,
“However, I also believe that the crypto-regulatory tides could shift exponentially after Election Day.”
Stark went on to discuss the partisan divide on Capitol Hill and the likely impact of a Republican victory at the next US Presidential Election, saying,
“If Hester Pierce becomes acting Chair of the SEC, given her lengthy track record of dissent and opposition to most crypto-related SEC actions, the world should expect that most US SEC crypto-related enforcement and most crypto-related SEC disruption would grind to a screeching halt.”
If Stark’s view proves true, the SEC is using delay tactics and giving other parties opportunities to provide the SEC reasons to decline the ARK Invest spot BTC ETF application, among others.
Uncertainty surrounding the likely outcomes of the SEC v Binance and SEC v Coinbase cases remained headwinds.
Following the Amicus Curiae brief filings, SEC v Coinbase case-related news will move the dial. A Court ruling to dismiss the SEC charges against Coinbase should fuel a breakout rally. US lawmakers would likely respond to a second SEC loss in the Courts.
The Day Ahead
It should be a busier Monday session. SEC v Ripple-related chatter, ETF updates, and Binance and Coinbase (COIN)-related news will move the dial.
US lawmaker chatter and SEC activity would also need consideration after the Amicus Curiae brief filings.
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