Former BlackRock Exec Predicts SEC Approval of Bitcoin ETF Soon

Former BlackRock Exec Predicts SEC Approval of Bitcoin ETF Soon

Former BlackRock managing director and current CEO of Jacobi Asset Management, Martin Bednall, believes the U.S. Securities and Exchange Commission (SEC) will approve all pending spot Bitcoin ETF applications simultaneously. Bednall voiced his opinion during CCData’s Digital Asset Summit in London, suggesting that the SEC aims to avoid granting any single entity a first-mover advantage.

The ex-BlackRock executive commented, “I don’t think they’re going to want to give anybody a first-mover advantage, especially with BlackRock in the mix, given its stature. They will use their influence in sales and distribution to ensure they offer the primary or default ETF.”

Steven Schoenfeld, previously a managing director at Barclays Global Investors (later acquired by BlackRock) and now the CEO of MarketVector Indexes, chimed in with an optimistic timeline. Schoenfeld remarked, “Two weeks ago, I would have estimated a timeline of nine to 12 months for SEC approval. However, based on recent developments, I believe we’re looking at a window of three to six months.”

Key indicators pointing toward a positive trajectory for the spot Bitcoin ETF in the U.S. include the SEC’s recent request for public comments rather than an outright rejection. Furthermore, the SEC’s loss in the Grayscale lawsuit indicates a potential path forward for the Grayscale Bitcoin Trust (GBTC) to transform into an ETF. Schoenfeld added, “I don’t think the SEC wants the Grayscale conversion to precede the ETF applications still in the queue.”

This anticipation hints at a monumental shift in the cryptocurrency landscape, marking a significant stride toward mainstream institutional acceptance of Bitcoin in the U.S. financial ecosystem.

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About Maria Morgan

Maria Morgan is a full-time cryptocurrency journalist at Coinography. She is graduate in Political Science and Journalism from London, her writing is centered around cryptocurrency news, regulation and policy-making across the glob.

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