The Block16 minutes ago

Published on January 03, 2024 12:20 GMT+00:00edited on January 03, 2024 12:24 GMT+00:00

In contrast to broad market consensus, Matrixport analyst Markus Thielen anticipates that the Securities and Exchange Commission will decline all bitcoin spot ETF proposals in January.

Despite the frequent meetings and updated S-1 prospectuses between filers and the SEC in recent weeks, Thielen pointed out in a report that these applications applications still fall short of a critical requirement that must be met before the SEC can approve them.

Thielen based his perspective on the political dynamics and compliance concerns. The analyst argued that while an ETF would help enable crypto to take off in the U.S., the SEC chair still sees the industry as needing more stringent compliance.

“SEC Chair Gensler is not embracing crypto in the U.S., and it might even be a very long shot to …