Will DOJ’s CZ Ruling Help Spot Bitcoin ETFs? #ETF批准

The U.S. Department of Justice’s charges against former Binance CEO Changpeng Zhao may help the U.S. approve a Bitcoin spot ETF. This legal shift will prompt exchanges to improve their compliance programs and is critical for the approval of a Bitcoin spot ETF. Twelve companies have submitted applications to launch these ETFs, but SEC decisions on Global X and Franklin Templeton's applications have been delayed until 2024. #cz

Grayscale CEO Michael Sonnenshein’s meeting with SEC members also highlighted interest in launching a spot Bitcoin ETF. Following legal action against Zhao, the funds' chances of being approved may increase significantly. Matrixport believes that exchanges will now be forced to follow the same rules as traditional financial institutions, strengthening the case for institutional investors to accept Bitcoin.

Additionally, regulatory changes in the cryptocurrency industry will help position Bitcoin as a safe asset in the portfolios of institutional investors. Changpeng Zhao pleaded guilty after being charged by the U.S. Department of Justice, agreed to pay a hefty fine and resign from his post, while corporate finance expert Richard Teng was named as its new CEO as Binance seeks to stabilize itself in the face of legal challenges.