Grayscale Investments’ global head for ETFs, David LaValle, stated Wednesday that he expects the U.S. Securities and Exchange Commission (USSEC) to approve Grayscale Investments’ application for a spot Bitcoin ETF in July 2019.

Grayscale filed with the SEC to transform its Grayscale Bitcoin Trust, the world’s largest bitcoin fund, into an exchange traded fund. The filing was made on October 19, the same day that the first U.S. bitcoin futures ETF ProShares Bitcoin Strategies ETF began trading.

“We felt it was the right time to submit our file,” LaValle stated in MarketWatch’s virtual event on Wednesday, “Investing in Crypto”. “Now that bitcoin futures products are a little off the SEC’s plate, they will be open to looking at the spot-based product filings.

LaValle stated that the 240-day timeframe is consistent with the type of filing. He spoke about the SEC’s ability to extend the review period of an ETF application up to 240 days before making a decision.

LaValle stated that he believes the spot market and futures markets are intrinsically linked. “The SEC will respond to our filings of spot products if a bitcoin futures product is accepted.”

David Abner, the global head of business development for crypto exchange Gemini, spoke on the same panel. He said it was hard to predict when the SEC would approve an ETF spot bitcoin. “I believe it could be as soon as the end of next year.”

Abner stated that ‘all of these are up until the SEC has its moment’. “What we can be certain of is that they have taken the steps.” We are moving forward…There is a way.

Some analysts believe a spot Bitcoin ETF is still possible, since bitcoin futures are regulated by The Commodity Futures Trading Commission. However, this doesn’t apply to bitcoin trading.

Abner answered the question, “One of the problems” facing the SEC when asked if ETFs for ether futures could be the next products to be approved.

Abner stated that the ETF industry has a lot of talented product development teams. There are concerns that approval of bitcoin futures ETFs could lead to requests for ethereum futures and ETFs. In a short time, advisers would be looking for SHIB ETFs.

“[The SEC] They want a framework so that it doesn’t seem random they approve one piece but not another.”

Bitcoin lost 5% in the last 24 hours and was trading at $58,820. Ether also fell, trading at $3984, with a 6.7% drop over the last 24 hours. The Shiba Inu gained 70% in the last 24 hours. The meme coin hit a new record high of $0.000087 earlier Wednesday.

GBTC closed at $46.7, with a 5.5% loss. BITO closed at $38.06 with a 5% loss.