Former BlackRock Exec: SEC Will Approve All Spot Bitcoin ETFs at Same Time

According to Martin Bednall, former managing director at BlackRock and current CEO of Jacobi Asset Management, the Securities and Exchange Commission will likely approve all spot bitcoin exchange-traded fund applications at the same time.

He made this prediction during a panel at the CCData Digital Asset Summit where he was joined by Steven Schoenfeld, CEO of VanEck-owned MarketVector Indexes.

Schoenfeld also believes that the SEC will approve all Bitcoin ETF applications simultaneously, and this could happen sooner than previously expected.

Schoenfeld’s timeline for approval has shortened from 9-12 months to 3-6 months due to recent developments.

The SEC has not completely rejected any ETF applications, instead asking for comments, and they recently lost the Grayscale case, indicating they may have to allow the conversion of the Grayscale Bitcoin trust into a spot Bitcoin ETF.

Bednall believes that BlackRock, one of the world’s largest asset managers, would not have bothered with a spot Bitcoin ETF application if they did not anticipate approval. They have close relationships with regulators and other large investors and must be getting positive feedback.