Former BlackRock Executive Predicts SEC Approval of All Spot Bitcoin ETFs

  • Martin Bednall, a former BlackRock executive, has said that BlackRock’s U.S. SEC will likely accept every spot bitcoin ETF application simultaneously.
  • Steven Schoenfeld, CEO at VanEck’s MarketVector Indexes, echoed and said that approvals could be forthcoming within about “3 to six months.”

Martin Bednall, former managing director at BlackRock and the current the CEO at Jacobi Asset Management, said that the Securities and Exchange Commission is likely to accept every spot bitcoin exchange-traded fund applications simultaneously.

“I believe they’re not going to be willing to give any first-mover advantages,” Bednall, who was employed for thirteen years with BlackRock during the CCData Digital Asset Summit earlier this week. The possibility of bitcoin ETF approvals are “hugely beneficial” for the crypto market Bednall said.

Steven Schoenfeld, CEO at VanEck’s MarketVector Indexes and that was on the panel alongside Bednall He echoed Bednall’s comments and said that it’s “very probable” to be the case that SEC will be able to approve the bitcoin ETF applications at the same time and that the approvals may be granted earlier than was anticipating.

“Two weeks ago I would have said”approval is nine to twelve months from now. Today I’d say that it’s closer to 3 to six months,” Schoenfeld told the media.

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It’s because the SEC has recently decided not to completely deny ETF applications, but instead asked for input, Schoenfeld added. Additionally the SEC has recently lost its case in the Grayscale case, meaning it’s likely to permit the conversion of the Grayscale bitcoin trust to an instant bitcoin ETF Schoenfeld explained.

BlackRock Is’very Close’ Regulators

BlackRock would not have gotten involved in the spot bitcoin ETF application in the event that it didn’t expect SEC approval, as per Bednall.

“BlackRock is very connected to regulators across the globe, too. They have a huge team of people in their regulatory department and frequently communicate with regulators. Therefore, they are likely to be getting feedback from the regulators,” Bednall said.

BlackRock is the world’s biggest investment manager is extremely close to major investors such as pension funds, and can assist those investors during their initial steps into the crypto asset class Christophe de la Celle, director of the crypto investment firm Numeus spoke on the panel along with Bednall along with Schoenfeld. This will be “a very positive aspect” for the crypto market, Celle said.

Spot bitcoin ETFs, if approved, could lead to an “$150 up to 200 billion flow” in bitcoin investments in the next three years. This would “double, or even quadruple the AUM (assets under management]” of Bitcoin-related ETFs,” Schoenfeld claimed.

Ethereum Spot ETFs

In the last month, Cathie Wood’s Ark Invest and crypto asset manager 21Shares applied for the first spot ETF based on ether in the SEC. In the last week Grayscale is also submitting a petition to transform the company’s Ethereum trust to become a spot-ether ETF.

The Grayscale move was announced in the wake of the first ether-based futures-based ETF launches by VanEck and ProShares earlier in the week. These ETFs have had limited interest in the first times, but ETFs that are spot-ether would be well-received thanks to the staking benefits of ether and higher environmental, social and governance scores or a smaller environmental footprint compared to bitcoin panelists claimed.

The SEC is likely to approve ETFs for spot ether shortly after it has approved ETFs that track bitcoin’s price According to executives.

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