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Cryptocurrency observers are keenly aware of a developing situation: the potential introduction of a Bitcoin exchange-traded fund (ETF) in the United States. Ernst & Young's leading blockchain professional, Paul Brody, weighed in on the topic, emphasizing that institutional interest in Bitcoin is at an all-time high. Yet, this enthusiasm is largely on standby due to the current lack of a sanctioned spot Bitcoin ETF by US regulatory bodies.
Brody, during an appearance on CNBC's Crypto Decrypted on October 23, shared insights into the possible inflow of massive institutional investments into Bitcoin. He pointed out that trillions of dollars are ready to be channeled into Bitcoin, contingent upon a green light for a BTC ETF.
He further explained that most institutional funds would engage with Bitcoin, primarily as an asset rather than a transaction tool. Conversely, when purchasing Ethereum, institutions often view it as a foundation for business operations, especially in the decentralized finance sector.
The backdrop to Brody's observations is a widespread anticipation about how the U.S. Securities and Exchange Commission (SEC) will navigate the crypto regulatory landscape. To date, the SEC hasn't given the nod to any spot Bitcoin ETF. Yet, several financial stalwarts, such as BlackRock, ARK Investment, Grayscale Investments, and Fidelity, have put forth multiple Bitcoin ETF proposals, waiting for the regulatory body's feedback.
Notably, Grayscale, having secured a win against the SEC in a lawsuit about a Bitcoin ETF review in August 2023, has now taken steps to have its Grayscale Bitcoin Trust listed on the New York Stock Exchange Arca.
Additionally, Eric Balchunas, a seasoned ETF analyst with Bloomberg, provided an optimistic perspective on recent activities.
He opined that the latest amendments to the spot Bitcoin ETF by entities like ARK Invest and 21Shares signal positive strides. According to him, these modifications, made in mid-October 2023, likely address issues flagged by the SEC, indicating potential future approvals.
