is a hot topic in the crypto space. It's been an uphill battle for the Securities and Exchange Commission (SEC).) agreed to approve. The increased push for approval has been going on for several months as more and more organizations and companies enter the market. . Various investment funds have applied to operate the fund cryptocurrency but not a single fund has received regulatory approval.

Dozens of Cryptocurrency ETFs Are Waiting approved more than 8 years ago. Canada and Brazil are the first two countries with a crypto ETF. While US citizens can still trade crypto ETFs with their ROTH accounts, there are no approved ETFs in the country yet. Pending ETFs approved, asset manager James Seyffart and colleague Eric Balchunas say there is a 75% possibility of the SEC approving an ETF America's first in October.

Reasons Bitcoin ETFs May Be Approved

There are two factors that make up Seyffart's 75% number of chances. The first is mutual funds that have been previously approved by the SEC and second the stance of SEC Chairman Gary Gensler on cryptocurrencies. Gensler has been planning media to cover issues of the crypto space but mostly a matter of legislation. According to Gensler, the SEC does not intend to ban cryptocurrencies as it is the prerogative of Congress but the SEC will be involved in regulating this market.

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Bitcoin ETF Has 75% Chances of SEC Approval in October
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Seyffart points out that an ETF Bitcoin similar to a Canadian approved mutual fund. Since the SEC has approved a similar mutual fund, there is a high probability that it is an ETF Bitcoin will also be accepted.

Additionally, Seyffart pointed to Gensler's views on crypto ETFs. Gensler has previously said that he wants to see ETF filings, especially those that are “limited to CME Bitcoin Futures.”

SEC Requests Withdrawal of Ethereum ETF Files

According to Seyffart, a convincing sign of why the SEC might approve a Bitcoin ETF by the end of October is because the SEC has requested 2 Ethereum ETF that VanEck and ProShares had to withdraw, but did not request the same for a Bitcoin ETF.

Seyffart also added that Gensler is not anti-crypto. The SEC previously published a report on crypto ETFs as follows:

The last thing that needs to be done is to make the investment vehicles potentially exposed to crypto-assets. Earlier this year, several mutual funds launched Bitcoin Futures that are traded on the Chicago Mercantile Exchange (CME).

We then started seeing institutional investors involved in ETFs looking to invest in CME-traded Bitcoin Futures. When combined with other federal securities laws, Act 40 provides investor protections when participating in mutual funds and ETFs.

In conclusion, James Setffart admits that he and his colleagues are the few that are optimistic about a crypto ETF being approved. But anyway, there is still hope that there will be an approved Bitcoin ETF by the end of this October.