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John Deaton Predicts Potential U.S. Approval of Bitcoin ETFs by Late 2023

Cantor Fitzgerald Analysts Foresee SEC Greenlight for Bitcoin Spot ETFs

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TL;DR

  • John Deaton anticipates possible U.S. approval for Bitcoin ETFs by the end of 2023, potentially coinciding with Bitcoin Halving and key Federal Reserve decisions.
  • Predicted Bitcoin ETF approvals may trigger a significant increase in Bitcoin’s price, with projections reaching as high as $220,000 within 18 months of approval.
  • The cryptocurrency regulatory landscape is expected to undergo significant changes around 2025, influenced by U.S. presidential administration changes.

Cryptocurrency markets might soon witness a significant development with the possible approval of multiple Bitcoin ETFs. Attorney John Deaton, known for his role in representing XRP holders in the ongoing SEC vs. Ripple case, predicts the U.S. could see the green light for Bitcoin ETFs as early as the end of 2023. Deaton suggests that such a decision could align ideally with the Bitcoin Halving and Federal Reserve’s interest rate decisions slated for the second or third quarter of 2024.

Moreover, Deaton ventures that the approval could ignite a sharp rise in Bitcoin’s value, potentially soaring to $220,000 within 18 months following the ETFs’ approval. This price target echoes predictions by Bitcoin enthusiast Max Keiser, reinforcing optimism among cryptocurrency advocates.

Additionally, developments in the SEC vs. Ripple case bring further attention to the evolving regulatory stance on cryptocurrencies. Recently, Ripple executives Brad Garlinghouse and Chris Larsen were spared from charges by the SEC, hinting at a possible shift in the regulatory approach towards digital currencies.

Hence, the regulatory environment appears to be in flux, with potential changes emerging on the horizon. Wendy O, a key cryptocurrency influencer, points to a possible overhaul in crypto regulations around 2025, influenced by the upcoming change in the U.S. presidential administration. Deaton notes that for any substantial regulatory changes, including those concerning stablecoins, a comprehensive legislative process involving the House, Senate, and President is necessary. He cautions that such processes tend to be lengthier in an election year, implying that it may be the end of 2025 before new regulations come into effect.

However, the passage of these regulations will likely depend on the political composition of the government, whether Republican or Democrat and its sway over both legislative houses.

As the cryptocurrency market anticipates these potential shifts, Gary Gensler’s term as SEC Chair is expected to conclude in June 2026, adding another layer to the complex tapestry of cryptocurrency regulation.

The unfolding scenario presents a dynamic picture for cryptocurrencies, with regulatory decisions poised to shape the market’s future. Investors and market watchers alike are keeping a close eye on these developments, understanding that the perfect alignment of regulatory approval and market mechanisms could signal a new era for Bitcoin and the broader crypto market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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Mutuma Maxwell

Maxwell especially enjoys penning pieces about blockchain and cryptocurrency. He started his venture into blogging in 2020, later focusing on the world of cryptocurrencies. His life's work is to introduce the concept of decentralization to people worldwide.

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