XRP Lawyer's Insight: How Spot ETF Approval Might Impact Bitcoin – Coinpedia Fintech News
The cryptocurrency market’s perfect timing has historically created opportunities for significant events. John Deaton, a prominent attorney representing XRP holders in the SEC vs. Ripple lawsuit, believes that the anticipated approval of a Bitcoin ETF could be timed to perfection.
Spot ETF Approval Could Happen in Q2, Q3 of 2024
Deaton shared his prediction on the X platform, stating that spot Bitcoin ETF approval, with a 75% chance expected by the end of 2023, will align with key market events.
He suggested that this timing, set for the second or third quarter of 2024, coincides with crucial developments like the Bitcoin Halving and Federal Reserve rate decisions. With the potential approval of 8 to 10 spot Bitcoin ETFs, Deaton speculates that Bitcoin’s price could reach $220,000 within 18 months.
Notably, Bitcoin advocate Max Keiser has previously mentioned a similar price target. Deaton commented, “I believe the timing of a spot ETF approval is going to help create a perfect storm for Bitcoin.”
2025, A Year of Change in Crypto Regulations?
On the regulatory front, cryptocurrency influencer Wendy O noted the potential for changes in the regulatory landscape around 2025 with a shift in the U.S. presidential position.
Deaton explained that any crypto-related bills would need to pass through the House, the Senate, and the President, a process unlikely to conclude swiftly in an election year.
According to Deaton, the best-case scenario could mean it takes until the end of 2025 for new rules about stablecoins and other crypto matters to get approved. But this depends on a stable government, whether it’s led by Republicans or Democrats, with strong influence in the House and Senate.
This prediction comes at a time when Ripple is having some good news in the XRP lawsuit. Most recently, the SEC decided not to charge CEO Brad Garlinghouse and founder Chris Larsen. This happens as the SEC faces problems in the XRP lawsuit, showing that rules on crypto might be changing. It’s important to note that Gary Gensler’s time as SEC Chair ends in June 2026.
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