Matrixport Analyst Foresees SEC Rejecting Bitcoin Spot ETF Proposals Amid Compliance Concerns

Matrixport analyst Markus Thielen diverges from market expectations, predicting that the Securities and Exchange Commission (SEC) will dismiss all bitcoin spot ETF proposals in January. Despite recent interactions between filers and the SEC, Thielen emphasizes a crucial yet unmet requirement essential for approval.

Citing political dynamics and compliance concerns, Thielen’s analysis suggests that while a bitcoin ETF could catalyze crypto adoption in the U.S., SEC Chair Gensler remains wary of the industry’s compliance status. Thielen indicates that Gensler’s stance on embracing crypto is cautious, potentially delaying approval until as late as Q2 2024.

According to reports, in an interview with CNBC, Gensler highlighted concerns regarding fraud and non-compliance within the crypto sphere. “There’s been far too much fraud and bad actors in the crypto field,” he stated, underscoring the necessity for stronger adherence to securities laws, anti-money laundering measures, and protection of the public against malpractice.

Thielen’s projection stands in contrast to prevailing market sentiments, anticipating a January rejection of bitcoin spot ETF proposals due to unresolved compliance issues and regulatory reservations at the SEC.

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