With Binance ceasing US operations last week, some wonder if the coast is now clear for SEC approval of a spot Bitcoin ETF, according to crypto Youtuber Crypto Rover.
The SEC has thus far denied spot Bitcoin ETF applications, citing concerns around insufficient regulation and the potential for manipulation. However, with the world’s largest crypto exchange closing US business, the SEC may no longer see this as an impediment.
Without Binance dominating US crypto trade volumes, the door seems open for mainstream financial giants like BlackRock and Fidelity to control Bitcoin trading through SEC-approved ETFs.
Crypto Rover speculates this may have been the SEC’s plan all along: – diminish Binance’s influence and clear the way for institutional players to be more amenable to government oversight. The launches of these spot Bitcoin ETFs would then shift power and influence away from offshore crypto-native exchanges.
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While there is speculation at this point, the theory proposes the SEC allowing spot Bitcoin ETFs only once the major incumbents have been displaced. With Binance departing US markets, observers wonder if approval could be imminent. If so, Wall Street would gain significant sway over the trading and narrative around the world’s largest cryptocurrency.
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