⌛ Did you miss ProPicks’ 13% gains in May? Subscribe now & catch June’s top AI-picked stocks early.Unlock Stocks

Former BlackRock Insider Foresees Bitcoin ETF Green Light By SEC Within Months

Published 04/10/2023, 20:10
Updated 04/10/2023, 21:10
© Reuters.  Former BlackRock Insider Foresees Bitcoin ETF Green Light By SEC Within Months

Benzinga - Steven Schoenfield, former managing director at BlackRock (NYSE: BLK) and current CEO of MarketVector Indexes, anticipates the Securities and Exchange Commission (SEC) will greenlight a Bitcoin (CRYPTO: BTC) spot ETF within "three to six months."

This prediction was shared during a panel on ETFs at CCData’s Digital Asset Summit in London, Decrypt reported.

Schoenfield's remarks came in response to Martin Bednall, another ex-BlackRock director and now CEO of Jacobi Asset Management, who opined, “the SEC will probably approve [all ETF applications] at the same time; I don’t think they want to give anybody first mover advantage.”

This insight into the evolving stance of the SEC towards Bitcoin ETFs will be of interest to attendees at Benzinga's Future of Digital Assets conference on Nov. 14. The event promises to shed light on the rapidly changing landscape of digital assets.

Schoenfield's current estimate is more optimistic than his previous one, where he believed the industry would wait "nine to 12 months" for approval.

Also Read: EDX Markets CEO Calls For Accountability For Lost Customer Funds In Wake Of Bankman-Fried Controversy

He noted a shift in the SEC's approach, stating, “Instead of completely rejecting the whole list, they've asked for comments, which is a marginal but significant improvement in the dialogue.”

He also referenced the Grayscale lawsuit, which the SEC lost, suggesting it might pave the way for the Grayscale Bitcoin Trust to transition into an ETF.

BlackRock, a financial giant overseeing $9.42 trillion in assets-under-management (AUM), appears to be in a prime position to secure approval for a Bitcoin spot ETF, given its impressive track record of a 575-1 success rate with the SEC for ETFs.

This potential move by BlackRock is a far cry from 2017 when its chief, Larry Fink, labeled Bitcoin as an “index of money laundering.”

In a related development, Monique Le, the head of digital wealth and individual investor at BlackRock, is slated to share her insights at Benzinga's Fintech Deal Day on Nov. 13. Her appearance is particularly noteworthy given BlackRock's significant position in the ETF landscape and the ongoing discussions about Bitcoin spot ETFs. The event promises attendees a chance to meet and engage with transformative Fintech business leaders and investors. Given the caliber of speakers like Le, tickets for Benzinga's exclusive Fintech Deal Day are in high demand. Secure yours now to be part of this pivotal discourse in the financial world!

Read Next: Binance Joins Initiative To Combat Pig Butchering Scam, Millions In Assets Seized

Meet and engage with transformative Fintech business leaders and investors at Benzinga's exclusive event — Fintech Deal Day. Tickets are going fast — get yours!

Photo: Shutterstock

© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.