During a panel discussion on ETFs at the CCData Digital Asset Summit event in London yesterday, another former BlackRock director, Martin Bednall, who is now CEO of Jacobi Asset Management, joined him for several months.
Schoenfield was responding to Bednall’s earlier comment that “the SEC will probably approve all ETF applications together; they don’t want to give any party a first mover advantage.” He previously said it takes 9 to 12 months to get SEC approval, but the SEC’s recent decision to delay ruling on some ETF filings is unlike their usual delay strategy.
“Instead of rejecting the entire list, they’re asking for comments, which is a small but significant advance in the discussion,” Shoenfield said. “There is also Grayscale’s losing lawsuit from the SEC, which means they will most likely have to allow Grayscale Bitcoin Trust to be converted into an ETF.”
Through pending ETF filings, the largest financial asset manager, BlackRock with $9.42 trillion USD under management is likely the most likely to get spot Bitcoin ETF approval at the moment. This is because they have a winning score of 575-1 when it comes to getting ETF licenses through the SEC.
BlackRock CEO Larry Fink called Bitcoin a “money laundering index” back in 2017. However, Fink said on FOX News in the summer of 2023 that Bitcoin would “digitize gold in many ways.”
During a CCData panel discussion in London yesterday, Martin Bednall said he believes that the strength of traditional finance, both in terms of brand and resources will give BlackRock a first mover advantage if the SEC decides to start approving spot Bitcoin ETFs.
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