{"id":85372,"date":"2023-10-05T11:03:45","date_gmt":"2023-10-05T08:03:45","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=85372"},"modified":"2025-09-12T22:54:40","modified_gmt":"2025-09-12T19:54:40","slug":"former-blackrock-director-forecasts-timeline-for-u-s-bitcoin-etf-approval","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/former-blackrock-director-forecasts-timeline-for-u-s-bitcoin-etf-approval\/","title":{"rendered":"Former BlackRock Director Forecasts Timeline for U.S. Bitcoin-ETF Approval"},"content":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) will register the first spot Bitcoin-ETF<\/a> within three to six months. This view was voiced by former BlackRock managing director Steven Shonfield, according to Decrypt<\/a>.<\/p>\n

He voiced his forecast during a panel discussion at the CCData Digital Assets Summit in London, with another former BlackRock director, Martin Brandall, in attendance.<\/p>\n

The latter suggested that the SEC is likely to \u201cgreen-light\u201d all applications to launch exchange-traded funds based on the first cryptocurrency at the same time.<\/p>\n

\n

\u201cI don’t think they want to give anyone the first-mover advantage,\u201d Brandall said.<\/p>\n<\/blockquote>\n

According to Shonfield, a good sign was that the Commission did not reject the list of applications outright, but asked for comments. He described this as \u201ca meaningful improvement in dialogue.\u201d<\/p>\n

\n

\u201cThere is also a Grayscale case that the SEC lost, and that means they will probably be required to allow the conversion of Grayscale’s Bitcoin Trust into an ETF,\u201d the executive noted.<\/p>\n<\/blockquote>\n

In his view, BlackRock\u2019s financial heft and name give it an edge in the race to bring an investment product to market.<\/p>\n

Brandall disagreed, noting that several rivals tied to his former firm are more involved in trading digital assets.<\/p>\n

\n

\u201cEveryone has a use case for crypto, and some are actually much closer to the ecosystem. So I think BlackRock faces a serious battle,\u201d he underscored.<\/p>\n<\/blockquote>\n

According to Brandall, approval of spot ETFs in the United States could attract $150-200 billion into Bitcoin products over three years.<\/p>\n

In 2021, Canada became the first in North America to approve an exchange-traded fund based on the spot price of the leading cryptocurrency. The fund is managed by Purpose Investments<\/a>.<\/p>\n

According to CoinGecko<\/a>, the fund holds 25,289 BTC (~$697 million at the time of writing). In assets, it trails the U.S.-listed futures-based Bitcoin ETF from ProShares<\/a>, which holds 35,890 BTC (~$990 million).<\/p>\n

\"\u042d\u043a\u0441-\u0434\u0438\u0440\u0435\u043a\u0442\u043e\u0440
Data: CoinGecko.<\/figcaption><\/figure>\n

BlackRock filed<\/a> a submission to the SEC for a digital-gold-based investment product on June 15. Following the financial giant, similar requests came from Valkyrie<\/a>, Fidelity Investments<\/a>, WisdomTree and Invesco<\/a>.<\/p>\n

Earlier, former SEC lawyer John Reed Stark ruled out approval<\/a> of a spot bitcoin ETF. However, experts Bernstein<\/a> and former SEC chairman<\/a> Jay Clayton assessed<\/a> the chances of a fresh wave of contenders as high.<\/p>\n","protected":false},"excerpt":{"rendered":"

The U.S. Securities and Exchange Commission (SEC) will register the first spot Bitcoin-{{AOPEN_1}}ETF{{ACLOSE_1}} within three to six months. This view was voiced by former BlackRock managing director Steven Shonfield, according to Decrypt.<\/p>\n","protected":false},"author":1,"featured_media":85373,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[1138,128,1211],"class_list":["post-85372","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-opinions","tag-sec","tag-stock-market"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85372","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=85372"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85372\/revisions"}],"predecessor-version":[{"id":85374,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/85372\/revisions\/85374"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/85373"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=85372"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=85372"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=85372"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}