- The U.S. SEC might approve all spot Bitcoin ETF applications simultaneously.
- Indicators suggest a more positive outlook for the U.S. Bitcoin ETF scene than previously anticipated.
During the Youtube livestream for CCData Digital Asset Summit 2023, CCDAS, the prestigious institutional summit for digital assets in London, key figures from the financial and cryptocurrency world came together to deliberate on the evolving landscape of digital assets, as highlighted by the Daily Hodl.
SEC’s Strategy on Bitcoin ETFs
In a significant development, Martin Bednall, the former executive at the global investment giant BlackRock and the current CEO of Jacobi Asset Management, opined during a panel discussion at the CCDAS event. He believes that the U.S. Securities and Exchange Commission (SEC) has strong reasons to approve all spot Bitcoin ETF applications at the same time.
The rationale, according to Bednall, is to ensure no firm gets a “first-mover advantage”, particularly with BlackRock’s substantial influence in the sector. “With BlackRock in the equation, the dynamics change. Their immense clout, especially in sales and distribution, could be pivotal in establishing the primary ETF in the market,” he remarked.
Changing Tides in the U.S. Bitcoin ETF Landscape
Adding to the conversation, Steven Schoenfeld, previously a managing director at Barclays Global Investors (later acquired by BlackRock) and now the CEO of MarketVector Indexes, shared an interesting shift in his prediction regarding the SEC’s potential decision.
“Just a fortnight ago, my estimate was a timeline of nine to twelve months. However, considering the recent developments, I’d narrow that down to three to six months,” expressed Schoenfeld.
Further emphasizing the changing dynamics, he highlighted recent moves by the SEC. “Last week was pivotal. Instead of outright rejecting the applications, the SEC has now sought public comments, marking a subtle yet crucial shift in the dialogue,” Schoenfeld noted. He also alluded to the Grayscale lawsuit, which the SEC lost, implying a probable conversion of the Grayscale Bitcoin Trust (GBTC) into an ETF.
“I believe the SEC would want to avoid a scenario where they approve the Grayscale conversion while other ETF applications linger,” he concluded.