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.
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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!
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