Key Points:
– BlackRock’s application for a Bitcoin ETF has raised hopes for its approval, but experts say there are still obstacles.
– The entry of BlackRock, a major asset manager, into Bitcoin ETFs reflects market sentiment that the SEC will eventually approve such instruments.
– However, experts like Octavio Marenzi believe the application is dead on arrival due to the unregulated nature of crypto exchanges.
– The lack of regulated exchanges for Bitcoin trading is a major hurdle in the approval process for ETFs.
– Industry experts, including James Koutoulas and Jai Waterman, do not believe immediate approval for spot Bitcoin ETFs in the US is likely due to ongoing legal issues and regulatory concerns.
Hot Take:
While there is optimism surrounding the approval of a Bitcoin ETF, experts remain skeptical about its immediate approval. The unregulated nature of crypto exchanges and ongoing legal issues pose significant obstacles. It may still take a long time before a spot Bitcoin ETF is approved in the US. The recent XRP ruling and criticism from Grayscale’s lawyers add additional pressure on the SEC. Despite BlackRock’s application and market optimism, the approval process for ETFs remains challenging. Overall, the path to a Bitcoin ETF approval is uncertain and may require significant regulatory changes and resolution of legal issues.
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