A former director of BlackRock said that the SEC will approve the Bitcoin ETF in 3 to 6 months

BlackRock managing director Steven Schoenfeld, who is now CEO of Market Vector Indices, said the US Securities and Exchange Commission will give it “three to six months” before it approves a Bitcoin spot ETF.

Schoenfield made the comments during a panel discussion on ETFs at the CSD Digital Asset Summit in London yesterday, where he was joined by another former BlackRock director, Martin Bednall, who is now chief executive of Jacobi Asset Management.

Schoenfield responded to Bednal's earlier comments: “The SEC will probably approve [all ETF applications] at the same time; I don't think they want to give anyone a first mover advantage.

Earlier, MarketVector's CEO said he would give the industry “nine to twelve months” before approval, but the SEC's latest decision is delaying decisions on Several pending ETF applications The controller is different from previous delay mechanisms.

“Instead of rejecting the entire list outright, they asked for comments, which is a small but significant improvement in the discussion,” Schoenfield said. “There's also a grayscale case. SEC lostThat means they must allow the Grayscale Bitcoin Trust to convert to an ETF.

Blackrock, crypto and Bitcoin ETF

With ETF application pending, Traditional Finance Senior Asset Manager, BlackRock—Shepherd 9.42 trillion dollars By Assets-under-Management (AUM) – The Bitcoin Spot ETF appears to be the most competitive for adoption.

After all, it has a winning point 575-1 When it comes to acquiring ETFs through the SEC.

In the year Back in 2017, when BlackRock boss Larry Fink said Bitcoin, no one would have seen it.Money laundering indexHe said.

Fast forward to winter 2023: Fink appears Fox News And crypto is “digitalizing gold in many ways,” he said.

At a CCDATA panel discussion in London yesterday, Martin Bednall said he believes that, in any case, traditional financial muscle with both brand name and resources will give BlackRock a first-mover advantage if the SEC decides to start approving Bitcoin space ETFs.

Schoenfeld was more modest in his comments about his former company's foray into crypto.

“I disagree with my former colleague Martin. As much as BlackRock tries to crush the competition, a good half dozen, maybe eight or nine other firms are deeply committed to digital assets. The crypto ecosystem than BlackRock. So I think Blackrock is going to be in a lot of trouble.

Later, his company ran the numbers and believes that spot ETF approval could lead to “$150 to $200 billion inflows” into Bitcoin investment products within three years, which would “double or triple the amount of AUM in current Bitcoin products.”