The SEC's Timeline for Approval of Bitcoin ETFs

The SEC can continually kick these down the road multiple times, even after that happens. We think if they are going to approve this, I personally have a pet theory that Gensler might be looking as a way to give everybody a bone because he's looking at the central losses with the grayscale lawsuit. The SEC is going to win either, which if you had asked me three years ago, I would have been like, 100% chance of SEC victory. So it's not impossible, but it is pretty unlikely that if they delay first, that they're going to then approve.

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