According to Matrixport analyst Markus Thielen, the U.S. Securities and Exchange Commission (SEC) may reject all bitcoin spot ETF proposals this month due to non-compliance with critical standards, which is contrary to industry expectations.
Thielen bases his theories on the interaction between compliance and political considerations. In his opinion, the SEC Chair, Gary Gensler, believes that more stringent regulation is necessary for the cryptocurrency industry, even though an ETF has the potential to increase its popularity in the United States.
It’s possible that Thielen is referring to the possibility that SEC Chair Gensler will not support Bitcoin spot ETFs because he is not endorsing cryptocurrency in the United States. He believes that approval will only come in Q2 2024, and that this January would probably see the rejection of all prior requests.
