The former director of BlackRock has predicted the timeline for the approval of a Bitcoin ETF in the United States.

Oct 5
The U.S. Securities and Exchange Commission (SEC) is expected to approve the first spot Bitcoin ETF within three to six months, according to former BlackRock CEO Stephen Schonfeld, as reported by Decrypt.
He made this prediction during a panel discussion at the CCData Summit on digital assets in London, which also featured another former BlackRock executive, Martin Brandall.
Brandall suggested that the SEC is likely to simultaneously give the green light to all applications for launching exchange-traded funds based on the first cryptocurrency.
According to Schonfeld, a positive sign was that the Commission did not reject the list of applications outright but requested comments, which he referred to as a "significant improvement in dialogue."

In his view, the financial power and reputation of BlackRock give them an advantage in the race to launch the investment product.

Brandall disagreed with him and pointed out that some competitors of their former company are already more involved in trading digital assets.

According to Brandall's assessment, the approval of spot ETFs in the U.S. could lead to an inflow of $150-200 billion into Bitcoin products within three years.

In 2021, Canada became the first in North America to approve an exchange-traded fund based on the spot price of the first cryptocurrency. The structure is managed by Purpose Investments.

According to CoinGecko, the fund holds 25,289 BTC ($697 million at the time of writing). In terms of assets, it lags behind the ProShares Bitcoin Futures ETF registered in the U.S., which controls 35,890 BTC ($990 million).

BlackRock submitted an application to the SEC for a digital gold-based investment product on June 15th. Following the financial giant, similar requests were made by Valkyrie, Fidelity Investments, WisdomTree, and Invesco.

It's worth noting that former SEC lawyer John Reed Stark ruled out the approval of a spot Bitcoin ETF. However, experts at Bernstein and former SEC Chairman Jay Clayton assessed the chances of the new wave of contenders as high.
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