Bloomberg analyst explains plan forward for spot bitcoin ETF: The SEC has been 'backed into a corner'

Markets • December 15, 2023, 10:26AM EST
Published 1 minute earlier on
UPDATED: December 15, 2023, 10:47AM EST
The Block

Quick Take

  • Bloomberg Intelligence ETF Research Analyst James Seyffart breaks down what to expect from the pending spot bitcoin and ethereum ETF applications in the months ahead.

Episode 105 of Season 5 of The Scoop was recorded with The Block's Frank Chaparro and Bloomberg Intelligence ETF Research Analyst James Seyffart.

Listen below, and subscribe to The Scoop on Youtube, Apple, Spotify, Google Podcasts, Stitcher, or wherever you listen to podcasts. Please send feedback and revision requests to [email protected].

James Seyffart is an ETF Research Analyst for Bloomberg Intelligence.

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In this episode, Seyffart shares why he believes a spot bitcoin ETF approval is on the way and how the market might react to the news.

Grayscale Investments’ win against the SEC in August over its application to convert its flagship Grayscale Bitcoin Trust (GBTC) product into a spot bitcoin ETF is another major factor in the SEC’s potential approval, Seyffart said.

“I think the SEC has kind of been backed into a corner here by the judges basically throwing out every decision and reasoning it's used to deny an ETF in the past,” he added. “I think the SEC and Chair Gary Gensler know that they were overplaying their hand a bit and are kind of forced into a corner right now.”

OUTLINE:
00:00 - Bitcoin ETFs Overview
04:30 - Bitcoin ETF Decision Timelines
07:47 - Spot Ethereum ETF Odds
09:54 - Spot Bitcoin ETF Odds
18:09 - Grayscale vs. SEC
24:35 - Crypto ETF Nuances
27:03 - Institutional BTC Demand
33:29 - Closing Thoughts


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About Authors

Davis Quinton is the Director of Podcasts at The Block and runs our flagship podcast called The Scoop, hosted by Frank Chaparro. Since joining The Block as an 'intern' in early 2022, he has worked closely with leaders across departments to translate The Block's written content into engaging multimedia formats. He holds a degree in Social Research & Public Policy from New York University in Abu Dhabi and is based in Sydney, Australia.
Frank Chaparro is Host of The Scoop podcast and Director of Special Projects. He also writes a biweekly newsletter. Chaparro started his career at Business Insider, where he specialized in the intersection of digital assets and Wall Street, market structure, and financial technology. Soon after joining Business Insider out of Fordham University, Chaparro was interviewing top finance and tech executives, including billionaire Mark Cuban, “Flash Boys” star Brad Katsuyama, Cboe Global Markets CEO Ed Tilly, and New York Stock Exchange President Tom Farley. In 2018, he become a sought after reporter in the crypto world, interviewing luminaries such as Tyler Winklevoss, the cofounder of Gemini, Jeremy Allaire, the CEO of Circle, and Fundstrat head Tom Lee. For inquiries or tips, email [email protected].

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