A former executive at global investment titan BlackRock says US regulators are likely to approve all spot Bitcoin (BTC) exchange-traded fund (ETF) applications at once.
During a panel discussion at CCData’s Digital Asset Summit in London, former BlackRock executive Martin Bednall, who is now CEO of Jacobi Asset Management, says the US Securities and Exchange Commission (SEC) has a compelling reason to simultaneously greenlight the applications. .
“As for the demand for a Bitcoin ETF in the US, I think it will be hugely positive, and that’s because I think the SEC will probably approve all applications at the same time.
I don’t think they want to give anyone a first mover advantage, and I think that’s because BlackRock is in the mix and it’s a behemoth. They’re going to put a lot of their power into it in terms of sales and distribution to really make sure that they get the kind of go-to ETF, the standard ETF.”
Steven Schoenfeld, former director of Barclays Global Investors, which was later acquired by BlackRock, said during the discussion that the SEC’s approval would likely happen sooner than he previously expected.
“Two weeks ago I would have said it would be another nine to 12 months… but sitting here today I would say it’s closer to three to six months.”
Schoenfeld, who is now CEO of MarketVector Indexes, says there are signs of a positive outlook for a spot Bitcoin ETF in the US.
“Last week, instead of rejecting the entire list outright, the SEC actually requested comment, which is a marginal but significant improvement in dialogue. There’s also the Grayscale lawsuit – which the SEC lost, meaning they will most likely have to allow the Grayscale Bitcoin Trust (GBTC) to be converted into an ETF. I don’t think the SEC wants this to happen while ETF registrations are still pending.”
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