TechFlow reports that Matrixport has released a research report stating the U.S. SEC will once again reject spot Bitcoin ETFs.
Frequent meetings between ETF applicants and staff at the U.S. Securities and Exchange Commission have led applicants to resubmit their filings. Matrixport believes none of the applications currently meet a critical requirement that must be satisfied before the SEC can grant approval.
The firm suggests this requirement may be fulfilled by the second quarter of 2024, but expects the SEC to reject all proposals in January.
Moreover, from a political standpoint, there is no rationale for approving a spot Bitcoin ETF, which would legitimize Bitcoin as an alternative store of value.
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