Cryptocurrency analyst Scott Melker recently shared insights into the potential approval of a Bitcoin exchange-traded fund (ETF) and its broader implications during a discussion on The Paul Barron Network. Melker highlighted positive changes in the dialogue between cryptocurrency stakeholders and the US Securities and Exchange Commission (SEC), comparing it to previous delays and rejections.
The Importance of Recent ETF Filings
In his analysis, Melker noted the importance of recent ETF filings and the increased attention and commitment of the SEC. Referencing conversations with analysts Eric Balchunas and James Seyfart, Melker noted his prediction of a 90% chance of Bitcoin ETF approval by January 10, expecting multiple approvals to occur simultaneously.
Melker also delved into the expected marketing competition between the approved ETFs, speculating that BlackRock could emerge as the favorite. He suggested that BlackRock's potential prior deals and a well-planned marketing campaign could position them advantageously, given positive signals from the SEC.
Gensler's regulatory challenges and strategic decisions
Additionally, Melker discussed the strategic implications for SEC Chairman Gary Gensler, who has faced challenges in regulating the crypto industry. He suggested that approving a Bitcoin spot ETF could serve as a face-saving measure for Gensler, illustrating the SEC's support for the industry while maintaining a cautious regulatory stance.
Melker clarified the approval process, stating: โIn the Bitcoin spot ETF, it's important to understand the nuance: 'We could see those 19b4s approved before January 10, but those s1s are a separate approval that is required. So they couldn't necessarily launch right on January 10th, which would align very well with what Hash dex says here about Q2. I think we all know it will take a little time; It will depend on how much publicity there is.โ
