“There will be so much political and legal pressure on the SEC that SEC Chair Gary Gensler has to approve a spot Bitcoin ETF,” said TD Cowen analyst Jaret Seiberg in a note to clients. Interestingly, Seiberg suggests Gensler and team can make a positive of the reversal. “Cementing its power over Bitcoin ETFs will strengthen the SEC’s push for broader crypto authority once Congress is ready to enact crypto market structure legislation,” he added.
