According to The Block: Despite industry expectations, Matrixport analyst Markus Thielen predicts that the U.S. Securities and Exchange Commission (SEC) may reject all bitcoin spot ETF proposals this month on the grounds of non-compliance with critical requirements.
Thielen bases his assumptions on the interplay of political and compliance concerns. According to him, despite an ETF's potential to boost cryptocurrency in the U.S., the SEC Chair, Gary Gensler, perceives the sector as needing stricter regulation.
Thielen mentions, “SEC Chair Gensler is not embracing crypto in the U.S., and it might even be a long shot to expect that he would vote to approve bitcoin spot ETFs”. He anticipates the approval to come only by Q2 2024, with all previous proposals likely to face rejection this January.