In contrast to the commonly accepted belief in the market, Matrixport analyst Markus Thielen predicts that the Securities and Exchange Commission will reject all proposed Bitcoin spot exchange-traded funds (ETFs) in January.
Despite frequent meetings and updated prospectuses between applicants and the SEC in recent weeks, Thielen noted in a report that these proposals still do not meet a crucial requirement for approval.
Thielen’s perspective is based on political dynamics and concerns about compliance. The analyst argues that while an ETF would help drive the growth of crypto in the US, SEC Chair Gensler still views the industry as in need of stricter compliance measures.
“SEC Chair Gensler is not supportive of crypto in the US, and it may be unlikely that he will vote to approve Bitcoin spot ETFs,” Thielen wrote.
