Martin Bednall, a former BlackRock executive, said the U.S. SEC will approve all spot bitcoin ETF applications at the same time.
Martin Bednall, former managing director at BlackRock and now CEO of Jacobi Asset Management, said the Securities and Exchange Commission is likely to approve all spot bitcoin exchange-traded fund applications at the same time.
Steven Schoenfeld, CEO at VanEck-owned MarketVector Indexes, who was on the panel with Bednall, echoed him, saying that it is "very likely" that the SEC will approve all bitcoin ETF applications simultaneously and that the approvals could now come in sooner than he previously expected. That's because the SEC recently did not completely reject ETF applications and instead asked for comments, Schoenfeld said. Also, the SEC recently lost the Grayscale case, which means it will likely have to allow the conversion of Grayscale bitcoin trust into a spot bitcoin ETF, Schoenfeld added.BlackRock wouldn't have bothered with a spot bitcoin ETF application if it didn't anticipate SEC approval, according to Bednall.
BlackRock, the world's largest asset manager, is also very close to big investors like endowments and pension funds and will help these investors in their initial journey into the crypto asset class, Christophe de la Celle, managing director at crypto investment firm Numeus, said on the panel with Bednall and Schoenfeld. And that is going to be "a really positive thing" for crypto markets, Celle said.
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