JPMorgan Chase: SEC may be forced to approve multiple spot Bitcoin ETF applications after Grayscale wins lawsuit

Odaily Planet Daily News Nikolaos Panigirtzoglou and other JPMorgan Chase analysts released a research report showing that Grayscale’s recent victory in the lawsuit indicates that the US SEC may be forced to approve the spot Bitcoin ETF application of several asset management companies such as Grayscale. Analysts believe that the SEC needs to withdraw its previous approval of the futures-based Bitcoin ETF to justify its “rejection of Grayscale’s proposal to convert its Bitcoin Trust into an ETF.” However, analysts added that the move would be highly embarrassing and disruptive for the SEC and seemed unlikely to happen. Therefore, analysts believe that the SEC is more likely to be forced to approve multiple spot Bitcoin ETF applications. JP Morgan analysts also believe that the SEC's delay in the approval of multiple spot bitcoin ETF applications on Thursday "may mean that the SEC will approve multiple spot bitcoin ETF applications at the same time, rather than giving any one applicant a first-mover advantage." ". Analysts said, "This may be beneficial to investors, because the approved party will compete in ETF management fees. If Grayscale is approved to convert GBTC into the world's largest spot Bitcoin ETF, Grayscale may face greater pressure." pressure to reduce overhead.” (The Block) According to previous news, the SEC will postpone the application and approval of multiple bitcoin spot ETFs such as BlackRock, Fidelity, Bitwise, VanEck, WisdomTree, Invesco, and Valkyrie. The SEC believes that more time is needed to consider these applications, and a decision on the outcome of the applications has been postponed to mid-October.