The US SEC wants to expand the definition of “exchanges” to allow it to bring crypto exchanges under its purview. If the change happens, Bloomberg analysts James Seyffart and Eric Balchunas believe it “opens the door” for spot Bitcoin ETFs.

New note out on why we think spot bitcoin ETFs will get approved in early Summer 2023. The SEC is proposing to expand the definition of „exchange” which would bring crypto platforms under SEC reg. After that (which could take a year) look for ETFs to get green light via @JSeyff pic.twitter.com/TtFgFXrJ8h
— Eric Balchunas (@EricBalchunas) March 24, 2022

The two analysts believe it will take at least a year for the first such ETF to get the green light once the definition is expanded. This puts the earliest possible launch date for a Bitcoin ETF somewhere in the summer of 2023.
SEC’s stance on Bitcoin ETFs
The US securities watchdog has historically been averse to the idea of crypto ETFs due to the usual reasons around volatility and inv

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