One crypto executive predicted five months ago that spot Bitcoin ETFs would only be approved after Binance lost ground on its market dominance. Binance’s $4.3-billion settlement with the United States was the final hurdle before the country’s securities regulator approves spot Bitcoin exchange-traded funds (ETFs), many industry watchers claim.
The SEC might be more comfortable working with an American company than an exchange owned by another national. There is also the rivalry between American firms and their Chinese counterpart. Zhao Changpeng might claim that Binance don't have any connections with China but the US will never be comfortable doing business with anyone that has any tie with China. I also suspect that the SEC will never approve spot Bitcoin ETF until it has put all crypto businesses under its control. This massive fine on Binance also serves as a threat and lesson to other firms for them to abide by all the draconian laws the government has put in place. Just as the FinCEN's proposed new regulation to criminalise Bitcoin mixers, I believe that this Binance drama is the pathway to the approval of Bitcoin ETF.
that might not mean approval it's only binance.us that the US has under control. but wouldn't Hong Kong (China) launch their own ETFs too, and use Binance.com as their defacto index? both poles should be launching ETFs as it will be beneficial for all. no one should be left behind in all these developments.
they moved the date for the ETF decision to March 2024 so its hard to speculate when it will be approved. it looks like they wanted the ETF approval close to halving date.
