John Deaton, a well-known attorney representing XRP holders in the SEC vs. Ripple case, predicts that the United States could potentially approve Bitcoin ETFs by late 2023. This forecast coincides with the anticipated Bitcoin Halving and key Federal Reserve decisions expected in the second or third quarter of 2024.
If approved, the Bitcoin ETFs could trigger a substantial surge in Bitcoin’s value, with projections suggesting a potential rise to $220,000 within 18 months. Max Keiser, a prominent Bitcoin enthusiast, echoes this optimistic outlook, further fueling positivity within the cryptocurrency community.
Recent developments in the SEC vs. Ripple case, where executives Brad Garlinghouse and Chris Larsen were relieved of charges, hint at a possible shift in the regulatory approach toward digital currencies.
Anticipating further changes, cryptocurrency influencer Wendy O suggests a potential overhaul in crypto regulations around 2025, influenced by the upcoming change in the U.S. presidential administration. However, Deaton emphasizes that the legislative process involving the House, Senate, and the President must be comprehensive, potentially delaying any significant regulatory changes until the end of 2025, especially in an election year.
The political composition of the government, whether Republican or Democrat, will likely play a crucial role in the passage of these regulations, considering its influence over both legislative houses.
With Gary Gensler’s term as SEC Chair set to conclude in June 2026, the cryptocurrency market remains dynamic, with regulatory decisions poised to shape its future. Investors and market observers are closely monitoring these developments, recognizing the potential for a new era for Bitcoin and the broader crypto market should regulatory approval align favorably with market mechanisms.
