Those closely following the spot bitcoin ETF saga probably already know Bloomberg Intelligence analysts put the chances of approval in the coming week at 90%.

But not all see it that way. 

Markus Thielen, head of research for crypto platform Matrixport, said Tuesday he believes all such applications “fall short of a critical requirement” — adding that US Securities and Exchange Commission Chairman Gary Gensler “still sees this industry in need of more stringent compliance.”

Read more: SEC delaying spot bitcoin ETFs ‘not impossible,’ but unlikely: Balchunas

As the SEC’s Jan. 10 deadline to rule on a proposal by Ark Invest and 21Shares approaches, other industry watchers…

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