One step forward and two steps back: SEC Approves Bitcoin/Ethereum Futures ETFs, but does not seem ready to validate the Bitcoin Spot ETFs. Crypto community, financial institutions, American elected officials… are getting impatient. When will Gary Gensler’s team decide on the fate of spot Bitcoin ETFs ? A former director of BlackRock gives his opinion on the subject.
Wait between 3 and 6 months for validation of spot Bitcoin ETFs
The United States Securities and Exchange Commission is under pressure at the moment. In addition to the legal files to be processed in its fight against the irregularity of crypto giants, the regulatory institution must also study applications for issuing Bitcoin Spot ETFs.
When financial giants like BlackRock, WisdomTree, Valkyrie and Invesco are interested in spot BTC EFT, a categorical refusal will certainly tarnish the image of the SEC. It’s better to give yourself as much time as possible for reflection rather than making a hasty decision regarding Exchange Traded Funds.
“ Former BlackRock CEO Steven Schoenfield believes the US SEC will have ‘three to six months’ before approving a spot Bitcoin ETF and believes the approval of a spot ETF could lead to a “$150-$250 billion influx” into bitcoin investment products over a three-year period. »
L’Decrypt article attached to this tweet gives us a report from a panel discussion on ETFs at CCData’s Digital Asset Summit in Londes. The intervention of two former directors of BlackRockSteven Schoenfield and Martin Bednall, particularly captured the attention of the crypto media.
The former, currently CEO of MarketVector Indexes, predicted approval of bitcoin spot ETFs in a period of between “three to six months.”
The second, currently CEO of Jacobi Asset Management, argued that the SEC will approve all spot BTC ETF applications and will do so in one go. Let’s not forget that Jacobi obtained authorization to issue the first Bitcoin Spot ETF in Europe in August.
Bitcoin ETF, is the SEC starting to review its position?
Mr. Shoenfield made a remark that did not escape journalists during his speech. In fact, he pointed out that the SEC’s recent maneuvers demonstrate a desire to act differently. Instead of “ nine to twelve months » advanced previously, the CEO of MarketVector had to revise his calculation.
“ Instead of rejecting the list altogether, she asked for feedback, which is a marginal but significant improvement in dialogue. There’s also the Grayscale lawsuit, which the SEC lost, meaning it will most likely have to allow the Grayscale Bitcoin Trust to be converted into an ETF “, he argued.
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