A recent analysis by Bernstein suggests that the US Securities and Exchange Commission (SEC) may soon approve spot Bitcoin exchange-traded funds (ETFs). The SEC has received numerous applications for Bitcoin ETFs but has not yet approved any. The report highlights the court’s skepticism regarding the influence of spot prices on futures prices, making it difficult to approve futures-based ETFs while denying spot ETFs. The analysis also mentions a proposal for a surveillance agreement between spot exchange operators and regulated exchanges like Nasdaq. The absence of a Bitcoin spot ETF has led to the growth of over-the-counter products, which are considered more costly, less liquid, and less efficient. The report concludes that the SEC may prefer a regulated Bitcoin ETF led by mainstream Wall Street participants and monitored by existing regulated exchanges.

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