Bitcoin Spot ETF: Verdict in 'Three to Six Months,' Says Steven Schoenfield

One step forward, two steps back: SEC approves Bitcoin/Ethereum Futures ETFs, but remains cautious on Bitcoin Spot ETFs. The crypto community, financial institutions and US authorities are getting impatient. When will Gary Gensler’s team make a decision on Bitcoin Spot ETFs? A former BlackRock executive shares his thoughts.

Waiting between 3 and 6 months for validation of Bitcoin spot ETFs

The US Securities and Exchange Commission is under pressure at the moment. In addition to the court cases it has to deal with in its fight against the irregularity of crypto giants, the regulatory institution also has to consider applications to issue Bitcoin Spot ETFs.

When financial giants such as BlackRock, WisdomTree, Valkyrie and Invesco are interested in BTC Spot ETFs, an outright refusal will certainly tarnish the SEC’s image. It’s better to give oneself as much time as possible to reflect than to make a hasty decision on Exchange Traded Funds.

Former BlackRock managing director Steven Schoenfield gives the U.S. SEC “three to six months” before it approves a Bitcoin spot ETF and believes spot ETF approval may result in a “$150 to $200 billion inflow” into Bitcoin investment products over three years. Decrypt reported.…

— Wu Blockchain (@WuBlockchain) October 4, 2023

The Decrypt article attached to this tweet reports on a panel discussion on ETFs at CCData’s Digital Asset Summit in Londes. The intervention of two former BlackRock directors, Steven Schoenfield and Martin Bednall, particularly caught the attention of the crypto media.

The former, currently CEO of MarketVector Indexes, predicted an approval of bitcoin cash ETFs in “three to six months”.

The second, currently CEO of Jacobi Asset Management, posited that the SEC will approve all BTC spot ETF applications and do so all at once. Let’s not forget that Jacobi obtained authorization to issue the first Spot Bitcoin ETF in Europe in August.

Bitcoin ETF: is the SEC starting to review its position?

Mr. Shoenfield made a remark that was not lost on journalists during his speech. In fact, he pointed out that the SEC’s recent maneuvers demonstrate a willingness to act differently. Instead of the “nine to twelve months” previously put forward, MarketVector’s CEO had to revise his calculation.

“Instead of rejecting the list altogether, it asked for comments, which is a marginal but significant improvement in dialogue. There’s also the Grayscale lawsuit, which the SEC lost, which means it will most likely have to allow the conversion of the Grayscale Bitcoin Trust into an ETF,” he had argued.