Bitcoin Spot ETF - read this

Author

Markus Thielen
January 05, 2024

The Bitcoin Spot ETF decision is up to the 5 commissioners, it doesn’t matter if all the filings are in. Reuters, Fox, TechCrunch and Bloomberg have all claimed that we get a decision this week - but we have not - because its mainly up to the three Democratically leaning SEC commissions.

The ‘whisper’ approvals were all from SEC staff who only provided recommendations to the 5 commissioners.

While this (attached, link below) “non-profit” is somehow linked to Elizabeth Warren (against crypto), it’s worthwhile reading it and again, bcos of the SEC’s political tendency, I would not dismiss this letter which explains why the SEC can vote this down. Yes there are two ‘date’ typos in the doc.

As an industry participant, I hope it goes through but my view this week is about the most likely outcome. My recommendation was to buy puts to hedge crypto portfolios and I stand by this.