Solomon Samuel 
The Securities and Exchange Commission (SEC), which is well-known for its support of XRP investors, may be closer than most people think to approving Bitcoin spot exchange traded funds (ETFs), according to John E. Deaton, who has provided insights into the matter.
The approval of a Bitcoin ETF is now a given, as Deaton noted in a recent article on the X platform, and he predicted that it may happen “before the end of the year or certainly before the end of the first quarter of 2024.”
Deaton’s insightful analysis was in reaction to the ongoing discussion about whether to approve a Bitcoin ETF. He observed that the SEC appeared to be about to give in on the approval of spot Bitcoin ETFs.
Many investors and crypto aficionados are speculating as to whether Bitcoin ETFs will materialize shortly as a result of the SEC’s abrupt shift in position.
Deaton expressed doubt about the SEC’s intentions, even if his comments may suggest that the SEC wants to keep the crypto community on its toes.
Despite the apparent change in its position, he hinted that the regulatory body might be contemplating additional justifications to reject the ETF.
His article indicates that the SEC looks to be gathering additional data while debating the Bitcoin ETFs to develop an alternative defense for a prospective refusal.
According to Deaton, this tactic could be interpreted as an effort to confuse the market and “create the greatest head fake/rug pull in SEC history.” The involvement of well-known figures in the financial sphere is one aspect that contributes to the changing situation.
One of these key players and an advocate of the Bitcoin spot ETF is Larry Fink, CEO of BlackRock. BlackRock manages trillions of dollars’ worth of assets under management (AUM) hence, Fink’s opinion is highly respected in the financial sector.
Deaton raised the importance of major participants in the approval process by suggesting that Fink’s engagement might be one of the reasons the SEC is now more likely to approve the ETF.
The CEO of ARK Invest, Cathie Wood, recently made a statement and mentioned that the SEC is actively interacting with her business over its application for a Bitcoin ETF.
