SEC Commissioners' Stance on BTC Spot ETF Ahead of Resolution

The resolution time for the SEC regarding the Bitcoin spot ETF application spans a total of 240 days. This process involves three public responses, with intervals of 45 days, 45 days, 90 days, and 60 days for each response date. In other words, before issuing a final decision (approval or rejection), the SEC has three opportunities to postpone the ETF application result. Furthermore, the SEC has the authority to approve or deny the application at any time during the resolution process.

As the date for the final public response approaches, the market widely believes there is a higher probability of the BTC spot ETF being approved.

Former SEC Internet Enforcement Director, John Reed Stark, expressed his belief that the committee has already surrendered and will approve the Bitcoin spot ETF.

In Polymarket, an online prediction market, regarding the topic “Will Bitcoin be approved by January 15th,” 84% of the funds are allocated to the “Yes” option, while only 16% have chosen “No.” Nearly $7 million has been involved in the prediction.

Attitudes of the Five SEC Commissioners Toward ETFs

Voter One: Chairman Gary Gensler

Gensler was initially seen as an ally to the industry due to his early academic research on crypto. However, in recent years, as he has led numerous lawsuits against companies and projects within the industry, Gensler's attitude towards crypto has undergone a complete turnaround, almost a 180-degree shift. Considering his past statements and actions, Gensler is more likely to stand on the opposing side in the voting process.

Voter Two: Hester Peirce

Compared to Gensler, Commissioner Hester Peirce has consistently been one of the most crypto-friendly regulatory figures and has been given a kind nickname in the industry — Crypto Mom. Peirce has notably opposed using lawsuits in place of regulation and believes that the SEC should actively consider establishing a regulatory framework for cryptocurrencies.

Voter Three: Caroline Crenshaw

Caroline Crenshaw's work doesn't seem to be as focused on the crypto industry. In previous statements, Crenshaw has highlighted regulatory issues related to DeFi and has expressed that the crypto industry is “known for scams.”

Voter Four: Mark Uyeda

Mark Uyeda holds a favorable attitude towards crypto. He has previously joined Peirce in opposing enforcement actions initiated by the SEC against industry projects.

Voter Five: Jaime Lizárraga

Jaime Lizárraga seems to be the commissioner furthest from the crypto industry. In a 2022 news release by the media outlet Cointelegraph upon Lizárraga's appointment, it was mentioned, “Lizárraga has essentially never made any public statements regarding crypto and blockchain.”

The above is just a peek at attitudes based on the historical statements of the five SEC commissioners.

Official SEC 'X' Account Hacked, Resulting in Significant BTC Price Volatility

On Tuesday Eastern Time, the U.S. SEC announced on the X platform the approval of a spot Bitcoin ETF for listing on all registered national securities exchanges. The SEC stated that the approved Bitcoin ETF would undergo continuous monitoring and compliance measures to ensure sustained investor protection.

Subsequently, Gary Gensler posted that the official SEC Twitter account had been compromised, leading to the unauthorized publication of tweets. The SEC has not yet approved the listing and trading of spot Bitcoin ETF products.

Following a short-term price surge, the BTC price experienced a rapid and steep decline, resulting in significant volatility.

Bloomberg's Senior ETF Analyst, Eric Balchunas, anticipates that the U.S. SEC is expected to announce the approval of a spot Bitcoin ETF between 4:00 PM and 5:00 PM Eastern Time on Wednesday. The ETF is expected to launch on Thursday local time following the announcement.

Despite the optimistic stance of the market and various analysts regarding the approval of a BTC spot ETF, the final outcome remains uncertain until it is confirmed. The answer is about to be revealed; please be mindful of the risks involved.