Is there any chance for spot ETF bitcoin approval?

The pursuit of spot Exchange traded funds (ETF) will continue to be a competitive quest in the crypto space for most financial firms, the fierce competition in the crypto space which has been ongoing since 2013 could continue for long pending when we witness the first approval from regulators, the Winklevoss brothers Gemini exchange founders spotlighted on getting their first spot bitcoin ETF approved have been a long run race over the past few years which have been futile ever since the inception of digital currencies, more financial institutions have filed to get their institutions to be the the pioneering company to host first spot EFT in the crypto space, it might be quite intriguing to know getting a spot ETF approval means a lot to this financial institutions aside the popularity attached, these institutions will attract large number of investors to their institutions driving trust and accessibility to mainstream of mass adoption of users and ultimately getting regulatory clarity from regulators will give such institutions higher leverage to amass more investors to itself.

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The recent milestone achieved by Coinbase, securing approval for futures ETF trading alongside bitcoin spot trading for US investors underscores the potential for a new era of cryptocurrency investment. However, the path to spot ETF approval remains fraught with challenges and uncertainties, as evidenced by the ongoing struggles of industry giants like BlackRock and Grayscale continue to get delay by the security exchange Commission SEC, there have been several pending ETF filling which have been either extended for further review or rejected for some unknown reason lately, the SEC have always took it stance on the high volatile nature of crypto market and its underlying fraudulent activities from frauds this setbacks need to be addressed for SEC to know it protected investors are not exposed to such market manipulation and increase fraud activities.

240 days roadblock

With a maximum 240-day window available to the SEC to delay crypto ETF applications, some firms could wait until March 2024 to hear decisions on filings made in July 2023.
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The SEC's ability to extend the approval process by up to 240 days creates a potential roadblock for upcoming firms looking to file for ETF approval. This prolonged window for delay has the potential to frustrate the spot ETF approval process, leading to a reevaluation of various ETF filings over time. While this approach aims to ensure thorough scrutiny, it can inadvertently impede progress and innovation within the cryptocurrency market. Firms like ARK Investment, under Cathie Woods would be expecting SEC decision on its spot ETF filing in January 2024 while other financial firms like VanEck, Wisdom tree could expect SEC final decision in March 2024, with the invested power on SEC to oversee market regulation and extend institutions ETF approval most incoming institutions should be well prepared of the potential impending delay on their filling.

With the number of financial institutions joining the race to launch their own spot ETFs keeps increasing there is growing demand for accessible crypto investment products. However, the SEC have remains wary of the crypto market's inherent volatility liking to excessive manipulation, it has therefore taken cautious stance to protect U.S. investors, which has resulted in a prolonged wait for spot ETF approvals despite speculation circulating from experts of 65% chance of of spot EFT approval these number seems to be just mare vague to stir up hope among institutions.

In conclusion
Having such power bestowed on SEC and looking at the nature of crypto industry unregulated landscape we could expect more delays from SEC limiting investors hope for any launch of EFT anytime from now a 240 days extension sound a bit ridiculous with that said this is a financial matter and it should be treated with caution what are your thoughts do you see any chance for bitcoin spot ETF anytime soon?