Binance and the BTC ETFs

The recent troubles for Binance and its founder hot on the heels of convictions for SBF seem somewhat ill-timed (or well-timed, depending on your perspective) as the regulators review prospectuses for spot BTC ETFs. If ever Gensler needed some cover to reject applications once again, recent events are giving him plenty. Whereas this past summer I was pretty optimistic that the SEC would approve multiple spot BTC ETFs in 2024, I have to say I'm not as optimistic at this point. I'm not yet pessimistic because we have evidence of active dialogue between the SEC and multiple applicants, which is a good sign, but ultimately Gensler is going to have enormous influence on the decision and I don't think recent events have done much to assuage his longstanding bias against crypto.