Attorney John Deaton, who represents the thousands of XRP token holders in the Ripple lawsuit against the U.S. Securities and Exchange Commission (SEC), predicted that the timing of spot Bitcoin ETF approval would come at an appropriate time for the crypto market. Recently, ETF experts foresaw a 75% chance of approval by the end of 2023.
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Bitcoin (BTC) Price At $220K “Not So Crazy”
The attorney said the US SEC’s potential approval, expected to come in the second of third quarter of 2024, would be well placed with events like Bitcoin Halving and the Federal Reserve’s rate cut decisions. Hence, an increased liquidity to the crypto ecosystem and the approval of 8 to 10 spot Bitcoin ETF filings could make BTC price prediction of $220,000 plausible in around 18 months. Bitcoin maximalist Max Keiser has recently reiterated his January 2021 stance on the BTC price reaching $220,000.
Crypto Regulation Timeline In The US
Crypto influencer Wendy O opined that a change of face in the US presidential position could trigger some change in the regulatory scope of the crypto industry, in and around 2025. Deaton said the approval of a crypto bill needs passing in the House, the Senate and signed by the President, which is unlikely to happen in near future in the context of the US presidential election year. The attorney predicted that at best, a stablecoin bill and other crypto bills may get the full approval by the end of 2025 if a stable government with strength in both the House and the Senate gets voted.
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