A demo by A+BTC. I’Bitcoin spot ETFs on track for a potential commissioning in a few months? If the American regulator has not ceased, in recent years, to refuse these requests, now, the ecosystem haswaist support: BlackRock. Jay Claytonformer director of the SEC (Securities Exchange Commission), spoke on the subject.
The Bitcoin spot ETF: the yes or no game for the SEC
This was the big news that has increased the enthusiasm of crypto investors tenfold in recent weeks. the juggernaut BlackRockwith over $10 trillion under management, wants to launch its own ETF (exchange traded fund) spot on bitcoin. This means that if accepted by the SEC, potential inflows of capital. The other side of the coin would be the beginning of the takeover of traditional finance on this new finance that has been eyeing him for so long.
However, no hasty conclusions, the SEC is far from having given its approval. And historically, all requests for spot Bitcoin ETFs (more than 30 in total) have been rejected so far. However, everyone knows that it is difficult to say no to BlackRock. This fund has suffered, throughout its history, onlyone and only refusal of ETFs from the regulator out of the hundreds it has issued.
Of course, everyone has their own prognosis. Does BlackRock really have a chance of seeing its ETF accepted? On this point, Jay Clayton, former director of the SEC is rather well placed to guide us. The latter spoke on the famous American TV channel, CBNC, on Monday.
” If they [BlackRock] are right, if we can demonstrate that the market spot [de Bitcoin] is of similar efficiency to the market for future [déjà accepté par la SEC sur Bitcoin]it will be hard not to endorse the ETF [spot] Bitcoin. »
An ETF spot no riskier than an ETF future for investors?
Jay Clayton, now a policy adviser at law firm Sullivan & Cromwell, tries to explain the SEC’s current reasoning.
“When the SEC approved the ETF future on Bitcoin, she said to herself: let’s take a look at the market for future. We monitor it, we validate the protective measures in this market for investors, and these are sufficient. We don’t see the same thing in the market spot. »
BlackRock would go through the exchange Coinbase for the management of bitcoins. An exchange that is under legal sanctions of the SEC. The latter asserts that the majority of cryptocurrencies are undeclared financial securities. Assertions difficult to hear, while the regulator is careful not to clarify the regulatory vagueness who reigns over the management of the cryptocurrency sector. The game is therefore far from won.
On his side, Grayscalea historical fund allowing companies to gain exposure to bitcoin in a controlled manner, offensive in justice the regulator. The latter has, in the past, refused by his request for a Bitcoin spot ETF. If BlackRock’s is accepted, we can easily imagine that Grayscale will not be delighted to get the limelight.
According to Jay Clayton, the investor security would have reinforced in the bitcoin spot market. And the delta that previously existed between the market for future and market spot would no longer be relevant. If the players can prove to the SEC that this is now the case, then chances are that at least one spot Bitcoin ETF will be approved. The answer in the coming months.