Recent news that BlackRock, no less, had submitted a Bitcoin ETF proposal to the SEC raised hopes for imminent approval. But market-watchers contacted by CoinDesk said such applications still face several obstacles. Report by amitoj
when it said the SEC’s stance on spot bitcoin ETFs is a difficult one to hold, and the probability for approval is fairly high..“ They've identified a custodian for the assets that the SEC itself has said is operating illegally...I don't quite see how BlackRock makes this happen," Marenzi said.
“The hold-up is because of the unregulated nature of the crypto exchanges,” said Barton. “It takes a long time for an exchange to become regulated. That is a multiyear process. That’s a step before we get to an ETF approval. At the moment, there’s no exchange on which bitcoin trades that is regulated.”
“It's not a foregone conclusion that an ETF will be approved,” Koutoulas said. “You just have to look at the conflicts for that.”Waterman said the SEC is in a difficult position with political pressure but it’s still “going to take a long time.” “We hope that, like in the past, we could be working with our regulators and get the filing approved one day, and I have no idea what that one day will be, but we’ll see how that all plays out,” Fink said earlier this month.In addition to the approval of the leveraged product, BlackRock’s application and the subsequent market optimism, the XRP ruling has put collective pressure on the SEC, according to experts. Last week, a U.S.
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