A Former BlackRock Executive Predicts Simultaneous Approval of Spot Bitcoin ETFs by the SEC
A former executive at BlackRock, one of the world’s largest investment firms, believes that the US Securities and Exchange Commission (SEC) will approve all spot Bitcoin exchange-traded fund (ETF) applications simultaneously. During a panel discussion at CCData’s Digital Asset Summit in London, Martin Bednall, now the CEO of Jacobi Asset Management, stated that the SEC is likely to greenlight these applications all at once to prevent any first-mover advantage. Steven Schoenfeld, former managing director at Barclays Global Investors, also expressed optimism about a spot Bitcoin ETF in the US, suggesting that approval could come sooner than expected due to recent developments.
Positive Signs for a Spot Bitcoin ETF
Schoenfeld highlighted two key factors indicating a positive outlook for a spot Bitcoin ETF. First, he mentioned that instead of rejecting the entire list of applications, the SEC has requested comments from the public, signaling a shift in dialogue. Additionally, Schoenfeld referred to the Grayscale lawsuit that the SEC lost. This loss suggests that the SEC may have to allow the conversion of the Grayscale Bitcoin Trust into an ETF. To avoid this scenario and pending ETF filings, Schoenfeld believes the SEC may be motivated to move forward with approving spot Bitcoin ETFs.
Hot Take: Simultaneous Approval Could Boost Adoption
If the US SEC does indeed approve all spot Bitcoin ETF applications simultaneously, it could have significant implications for crypto adoption. By preventing any single company from gaining a first-mover advantage, this approach would create a level playing field for all applicants. Moreover, with BlackRock’s influence and resources behind one of these approved ETFs, it could become the default choice for investors. The potential approval of spot Bitcoin ETFs in the US may also lead to increased mainstream acceptance and investment in cryptocurrencies.
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