Cryptocurrency analyst Scott Melker recently shared insights on the potential approval of a Bitcoin exchange-traded fund (ETF) and its broader implications during a discussion on The Paul Barron Network. Melker highlighted the positive shifts in the dialogue between cryptocurrency stakeholders and the U.S. Securities and Exchange Commission (SEC), contrasting it with previous delays and rejections.
The Significance of Recent ETF Filings
In his analysis, Melker pointed out the significance of recent ETF filings and the increased attention and engagement from the SEC. Referencing conversations with analysts Eric Balchunas and James Seyfart, Melker noted their prediction of a 90% chance of Bitcoin ETF approval by January 10th, expecting multiple approvals to occur simultaneously.
Melker also delved into the anticipated marketing competition among the approved ETFs, speculating that BlackRock could emerge as a frontrunner. He suggested that BlackRock’s potential prearrangements and a well-planned marketing campaign could position them advantageously, given the positive signs from the SEC.
Gensler’s Regulatory Challenges and Strategic Decisions
Additionally, Melker discussed the strategic implications for SEC Chairman Gary Gensler, who has faced challenges in regulating the crypto industry. He suggested that approving a Bitcoin spot ETF could serve as a face-saving measure for Gensler, illustrating the SEC’s support for the industry while maintaining a cautious regulatory stance.
Melker clarified the approval process, stating, “On the Bitcoin spot ETF, it’s important to understand the nuance: ‘We could see those 19b4s approved by January 10th, but those s1s are a separate approval that’s required. So they could not necessarily launch right on January 10th, which would align very well with what Hash dex is saying here about the second quarter. I think we all know it’s going to take a bit of time; it’s going to depend on how much hype there is.”