According to a former SEC insider, there is a positive momentum in favor of the cryptocurrency industry. Recent court victories by Ripple and Grayscale have showcased that not all cryptocurrencies should be classified as securities and have set a precedent for a possible spot BTC ETF. The surge in Bitcoin’s price in October further boosts optimism. The correlation between BTC futures and the spot market suggests that concerns about market manipulation may be exaggerated. The SEC’s decision to not appeal against Grayscale’s win opens the door for a spot BTC ETF. Major financial institutions have also revised their spot BTC ETF applications, indicating a likelihood of approval in the near future. However, uncertainties still remain about how individual crypto assets and issuers will be targeted.

AI Sentiment: Positive