Former BlackRock executive gives SEC 3 to 6 months before Bitcoin spot ETFs

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Former BlackRock executive gives SEC 3 to 6 months before Bitcoin spot ETFs

Former BlackRock management director Steven Schoenfield, who is now CEO of MarketVector Indexes, gives the U.S. SEC three to six months before it approves a Bitcoin spot ETF.

At CCData's digital asset summit in London yesterday, Schoenfield gave his estimate of ETFs, alongside former BlackRock director Martin Bednall, now CEO of Jacobi Asset Management.

Previously, the MarketVector CEO said he would have given the industry nine to twelve months before an approval, but the SEC's recent decision to delay giving Urteils on several pending ETF applications is unlike previous delaying tactics by the regulatory agency.

With its pending ETF application, traditional finance's top asset manager, BlackRock-shepherding $9.42 trillion in assets-under-management, seems the likeliest contender to get a Bitcoin spot ETF approved.

After all, it has a winning score of 575-1 when it comes to getting ETFs through the SEC.

Martin Bednall, who chaired CCData's panel discussion in London yesterday, said that the traditional financial muscle, in terms of both brand and resources, will give BlackRock a first-mover advantage should the SEC decide to start approving Bitcoin spot ETFs.

Shoenfield had differing views about their former company's foray into crypto.

He added that his company has run the numbers and believes spot ETF approval may result in a '$150 to $200 billion inflow' into Bitcoin investment products over three years, which would double or triple the amount of AUM in current Bitcoin products.