U.S. SEC To Approve All Spot Bitcoin ETFs At Once

It has been just revealed that the US SEC is going to approve all the spot BTC ETFs at once. Take a look at the latest optimistic prediciotns about the price of Bitcoin.

According to Martin Bednall, the CEO of Jacobi Asset Management and a former managing director at BlackRock, regulators in the US are likely to approve all applications for spot Bitcoin exchange-traded funds (ETFs) at once.

Bednall made this prediction during a panel discussion at the Digital Asset Summit in London hosted by CCData.

He believes that the US Securities and Exchange Commission (SEC) has a strong incentive to approve the applications simultaneously, which would have a positive impact on the market.

“I don’t think they’re going to want to give anybody a first-mover advantage, and I think that is because BlackRock is there in the mix and it’s a behemoth. They will put a lot of their power behind it in terms of sales and distribution to really make sure that they get the sort of go-to ETF, the default ETF.”

During a discussion, Steven Schoenfeld, the former managing director at Barclays Global Investors (now owned by BlackRock), shared that he believes the SEC’s approval of a Bitcoin ETF will happen sooner than he originally predicted.

He stated that two weeks ago, he thought it would take nine to 12 months, but now he thinks it’s more likely to happen within three to six months.

Schoenfeld, who is currently the CEO of MarketVector Indexes, also noted positive signs that suggest a spot Bitcoin ETF may be approved in the US.

“It was just last week, the SEC, instead of completely rejecting the whole list, they’ve actually asked for comments, which is a marginal but significant improvement in the dialogue.”

The CEO continues and says the following:

“There’s also the Grayscale lawsuit — which the SEC lost, which means they’re most likely going to have to allow the Grayscale Bitcoin Trust (GBTC) to be converted into an ETF. I don’t think the SEC wants that to happen and then have the ETF filings still waiting.”