Crypto influencer Crypto Rover outlined today 3 reasons why a Bitcoin spot exchange-traded fund (ETF) could potentially receive approval from the Securities and Exchange Commission (SEC) as early as this week.
- SEC Commissioner Acknowledges Mistakes
One SEC commissioner admitted the agency has made mistakes in how it has handled cryptocurrency matters in the past. This admission shows the SEC is open to re-evaluating its stringent stance on approving a spot Bitcoin ETF up until now. The openness to correct past errors bodes well for approval of an ETF soon.
- BlackRock Allocating Funds to Seed ETFs
Asset management giant BlackRock announced it is allocating funds this month to seed several planned ETFs. The timing and wording suggests a spot Bitcoin ETF could be one of the ETFs BlackRock seeds. Having the backing of BlackRock would lend further credibility and meet many of the SEC’s concerns about liquidity and custody requirements.
- BlackRock’s Bitcoin Trust Registered with DTCC
BlackRock recently registered its Blockchain Center of Excellence Trust (BCET) with the Depository Trust & Clearing Corporation (DTCC). The DTCC operates key financial market infrastructure and having registered shows BlackRock is making sure everything is ready on the plumbing side for a Bitcoin ETF.
With Bitcoin trading above $34,000, up 12% on the day on this positive news, it seems the market believes the likelihood of SEC approval of a spot ETF is higher than ever. Many investors eagerly anticipate what decision the SEC makes this week.
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