SEC's Grayscale Defeat Increases Odds Of Spot Bitcoin ETF Approval To 75%: Experts

After Grayscale's (OTC:GBTC) recent courtroom triumph over the Securities and Exchange Commission (SEC), Bloomberg ETF experts, James Seyffart and Eric Balchunas, have revised their predictions concerning the introduction of a spot Bitcoin (CRYPTO: BTC) ETF.

These experts now foresee a three in four chance of the ETF making its debut in 2023, and by 2024's end, they believe its launch is practically guaranteed. For a comprehensive understanding of what this could mean for the future of digital assets, don't miss the chance to hear from industry leaders at the upcoming Benzinga Future of Digital Assets Conference, on Nov. 14, in NYC.

"We upped our odds to 75% because we think the decisive loss for the SEC left little wiggle room for them to continue denying spot Bitcoin ETF applications. That said, it is possible that they could continue delaying into 2024 before they likely ultimately approve," Seyffart told Benzinga.

In a post shared on X, previously known as Twitter, Balchunas commented, "James Seyffart and I are adjusting our predictions to a 75% likelihood of spot bitcoin ETFs rolling out this year (95% by the close of 2024). The Grayscale victory, which surpassed our anticipations in its clarity and consensus, has significantly limited the SEC's options."

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Seyffart, echoing this sentiment, added, "Given the inquiries we received yesterday, Eric and I are now more inclined towards a 2023 rollout for the spot bitcoin ETF. We're fairly certain that its inauguration will occur by 2024's finale."

Highlighting the broader ramifications of the situation, Balchunas observed, "The combined impact of the legal setback and its public image repercussions might make it politically challenging for the SEC to maintain its stance of refusal."

As the digital asset landscape continues to evolve, these developments will likely be a topic of discussion at the upcoming Benzinga Future of Digital Assets Conference.

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