Digital Chamber Founder Says SEC Could Block Bitcoin ETF Approval This Month

As the wait for the first spot of Bitcoin ETFs in the United States continues, an industry leader is leaning towards approval not coming this month.

The possible launch of spot Bitcoin ETFs in the U.S. has arguably been the biggest talking point in the crypto industry for the past few months. While the most recent reports suggest that approval is imminent and could come as soon as a few days’ time, others expect the wait to continue for at least another month.

Perianne Boring, founder of the industry-working group Digital Chamber, is among those leading towards a wait lasting longer than many anticipate. In a recent update, Boring admitted that a Bitcoin ETF is on the horizon. However, she expressed a view that the SEC could block the approval of pending applications this month.

According to the Digital Chamber founder and chairman of the United States Securities and Exchange Commission (SEC), Gary Gensler has “more tools that could be used to delay the inevitable.”

The arrival of spot #bitcoin ETFs is on the horizon, but it is possible the SEC could block their approval again this month. Chair Gensler has more tools that could be use to delay the inevitable.

— Perianne (@PerianneDC) January 4, 2024

Although Perianne Boring did not mention the exact tools, it is noteworthy that the widely stated January 8-10 deadline involves only one ETF application filed by Ark Invest and 21Shares. The SEC delayed a ruling on the ETF application in September and must now announce a decision on the said date.

The general sentiment among experienced industry leaders is that the SEC would approve most pending Bitcoin ETF applications alongside the one by Ark Invest and 21Shares. However, there remains a slim chance that the SEC denies that specific filing to buy itself more time to make a decision on other pending applications.

Bitcoin (BTC) Recovers Lost Ground

Ahead of a potential decision on the spot Bitcoin ETF, the price of BTC has had wild swings reacting to the news in either direction. The leading cryptocurrency dropped as low as $41,300 on Wednesday following news that the SEC could deny all pending applications.

However, BTC has since made a comeback, trading above $44,000 on Thursday, following news that approval was imminent and trading could begin as soon as next week. Undoubtedly, the coming days will be crucial for Bitcoin’s short-term price action as the ETF drama continues to unfold.

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