James Seyffart and Eric Balchunas are Bloomberg’s exchange-traded fund analysts. They suggested that an amendment to the United States Securities and Exchange Commission might be the trigger for the agency to approve a spot ETF mid–2023.

In a Thursday tweet, Balchunas crypto platforms could fall under the SEC’s regulatory framework if the commission were to approve the amendment to change the definition of “exchange” proposed in January. It would change the rule. Modify the Exchange Act to include platforms “that make available for trading any type of security” — seemingly including cryptocurrencies, making their investment vehicles more palatable for the regulator.