Regulatory game. THE Spot Bitcoin ETF will at least have had the merit of livening up the cryptocurrency market at the end of the year. Because their group approval, estimated for the month of January, remains uncertain given the SEC’s incessant procrastination. A file within which the appearance of requests regarding a Ethereum version could well complicate things a little more. In any case, Gary Gensler doesn’t seem to meet this multitasking requirement. Because when the giant BlackRock tries to move forward on Bitcoin, the requests from Grayscale and Hashdex are postponed to a later date.
BlackRock tries to play the SEC’s game
Since its appearance in this affair, the world leader in asset management BlackRock is the center of all attention. It must be said that with the most 9 trillion dollars of funds currently under its management, the Bitcoin seems almost anecdotal. A situation of this fact envisaged by the former president of the New York Stock Exchange as an invasion of money future. But when?
Because at the same time, the boss of the SEC, Gary Gensler, is accused of deliberately dragging his feet. Some see it as the promise of bulk approval for next Januaryin the form of a strategy which would consist of stepping back to jump better.
Waiting for, BlackRock continues discussions with the SEC. This is in order to understand the rules of your regulatory origami game. This is why the financial giant has just file a new version of its spot Bitcoin ETF at the start of the week. The little extra: a model of cash redemptions. Because the only “in kind” option involved too much risk for the regulator.
Will this be enough to calm the SEC’s wanderings? Response expected in January next…
Ethereum Spot ETF: Asking for Public Opinion
The situation is different regarding ongoing approval of Ethereum spot ETFs. And it could be summed up according to the rule: same players, new game. With a processing delay triggered by the delay of applications filed compared to their Bitcoin versions.
Indeed, the SEC has just imposed at the beginning of the week its now classic period of “request for public opinion” regarding several files. In this case, it is more precisely the Ethereum spot ETFs of VanEck and ARK – 21 Shares. But the regulator also promised that it would “initiate an identical procedure” in cases of Hashdex And Grayscale.
As is always the case in this type of case, the comments expected by the SEC on the subject of Ethereum ETFs postpone its approval by 21 days. And regarding the Bitcoin ETF spot version, January remains for the moment the next deadline to watch. Even more so if we consider the pressure work exerted by the giant BlackRock in order to force the SEC to clarify its requirements. A case (still) to be continued…