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  • JPMorgan analysts suggest that a spot Bitcoin ETF could be approved and available on the market by Christmas, while Bloomberg Intelligence analysts also predict a 90% likelihood of approval in January.
  • Coinbase’s chief legal officer, Paul Grewal, expresses confidence that the SEC will grant approval soon.

Amid all the current developments surrounding the spot Bitcoin ETF approval, JPMorgan analysts stated that the ETF product could be available in the market by this Christmas. In a report released on Wednesday, the leading investment bank indicated that it is highly probable that a spot Bitcoin ETF could receive approval before January 10. Analysts from Bloomberg Intelligence also stated that there is a 90% likelihood that a Bitcoin ETF will be approved in January.

A spot Bitcoin ETF has yet to materialize in the United States, despite investor demand for a secure and accessible way to gain exposure to cryptocurrencies. Regulatory hurdles have impeded the introduction of a spot Bitcoin ETF, with the U.S. Securities and Exchange Commission repeatedly rejecting applications, citing concerns about the potential for market manipulation as a primary deterrent.

As we know, some of the top financial giants including BlackRock, Fidelity, are already in the race to apply for a spot Bitcoin ETF. This has further increased the odds for the SEC to approve the ETF product.

On the other hand, the world’s largest digital asset manager Grayscale is gearing up to convert its GBTC product to a spot Bitcoin ETF. Earlier this month, the US SEC said that it wouldn’t challenge Grayscale’s application in the court.

Coinbase Is Confident of US Bitcoin ETF

Coinbase chief legal officer Paul Grewal recently stated that the company is quite confident that the SEC would approve the spot Bitcoin ETF. “I’m quite hopeful that these [ETF] applications will be granted, if only because they should be granted under the law,” Grewal said in an interview with CNBC’s Arjun Kharpal.

“I believe that the firms presenting well-structured proposals for these products and services are major players in the financial services industry,” Grewal commented. “This implies that we can anticipate swift progress in this area.”

Grewal did not provide a specific timeframe for this potential approval and emphasized that the final decision ultimately rests with the SEC. Nevertheless, he expressed confidence that the regulatory body will likely greenlight a Bitcoin ETF soon, underscoring the SEC’s inability to prevent Grayscale from transforming its GBTC Bitcoin fund into an ETF through legal proceedings.

“We think that other ETFs are going to be coming online soon enough as the SEC follows the law and is required to apply the law in a neutral way to the applications that are pending,” he said.

If a Bitcoin ETF receives approval, Coinbase stands to gain advantages from this development. As the largest cryptocurrency exchange in the United States, Coinbase is a frequently included stock in investment portfolios designed to offer investors exposure to the world of cryptocurrencies.

Many analysts believe that the Bitcoin ETF approval will lead to massive inflows for the crypto. However, some think that the ETF news is already priced in for Bitcoin.

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