John Deaton, known for representing XRP holders in the SEC vs. Ripple case, predicts that the U.S. could approve Bitcoin ETFs by the end of 2023.
Key Takeaways
- Attorney John Deaton predicts the potential approval of Bitcoin ETFs in the United States by the end of 2023.
- The timing could coincide with the Bitcoin Halving and key Federal Reserve decisions scheduled for the second or third quarter of 2024.
- Deaton suggests that Bitcoin’s price could experience a significant surge, potentially reaching $220,000 within 18 months following ETF approval.
- Recent developments in the SEC vs. Ripple case hint at evolving regulatory approaches toward cryptocurrencies.
Anticipating Bitcoin ETF Approvals
Attorney John Deaton foresees the potential approval of multiple Bitcoin ETFs in the United States by the end of 2023. Deaton suggests that this approval could align with significant events, including the Bitcoin Halving and Federal Reserve interest rate decisions expected in the second or third quarter of 2024.
The approval of Bitcoin ETFs may trigger a substantial increase in Bitcoin’s price, with Deaton projecting a possible surge to $220,000 within 18 months post-approval.
John Deaton Predicts Potential U.S. Approval of Bitcoin ETFs by Late 2023 https://t.co/FZZ66FNIxT
— Cryp2Watcher🟥🟩 (@kryp2s) November 8, 2023
Evolving Regulatory Landscape
Recent developments in the SEC vs. Ripple case indicate changing regulatory approaches to cryptocurrencies, adding complexity to the regulatory landscape.
Wendy O, a prominent crypto influencer, envisions comprehensive crypto regulatory changes around 2025, influenced by the upcoming change in the U.S. presidential administration.
Deaton highlights that significant regulatory changes, including those related to stablecoins, require a comprehensive legislative process involving the House, Senate, and President. This process could extend the timeline to the end of 2025.
The passage of crypto regulations will depend on the political composition of the government, whether Republican or Democrat, and its control over legislative houses.
To Conclude
The unfolding regulatory scenario presents a dynamic picture for cryptocurrencies, with regulatory decisions expected to shape the market’s future. Investors and observers are closely monitoring these developments, recognizing the potential for a new era in the crypto market.
