A + BTC demonstration. L’ETF spot Bitcoin on track for a potential commissioning within the next few months? While the U.S. regulator has consistently refused these requests in recent years, the ecosystem now hasa major supporter: BlackRock. Jay Claytonformer head of the Securities Exchange Commission (SEC), spoke out on the subject.
The Bitcoin spot ETF: a no-go game for the SEC
It was the big news that had crypto investors excited tenfold in recent weeks. The behemoth BlackRockwith over $10,000 billion under management, wants to launch its own ETF (exchange traded fund) spot on bitcoin. This means that if accepted by the SEC, potential capital inflows. The other side of the coin would be the beginning of a stranglehold of traditional finance on the new finance that had been eyeing it for so long.
But let’s not jump to conclusions, the SEC is far from having given its approval. And historically, all applications for Bitcoin spot ETFs (over 30 in total) have so far been rejected. However, everyone knows that it’s hard to say no to BlackRock. Throughout its history, this fund has only experienceda single refusal from the regulator out of the hundreds it has issued.
Obviously, everyone has their own prognosis. Does BlackRock really stand a chance of seeing its ETF accepted? On this point, Jay Claytona former SEC director, is in a good position to give us some pointers. He has expressed 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 similar in efficiency to the futures [déjà accepté par la SEC sur Bitcoin]it will be difficult not to approve the ETF [spot] Bitcoin. »
Jay Clayton
An ETF spot no riskier than an ETF futures for investors?
Jay Clayton, now a political consultant with the law firm Sullivan & Cromwell, attempts to explain the SEC’s current thinking.
« When the SEC approved the ETF futures on Bitcoin, she said to herself: let’s take a look at the futures. We monitor it, we validate the protective measures on this market for investors, and these are sufficient. We don’t see the same thing happening in the spot. «
Jay Clayton
BlackRock would go through the exchange Coinbase for bitcoin management. An exchange that is under legal sanctions from SEC. The latter asserts that the majority of cryptocurrencies are undeclared financial securities. These assertions are hard to hear, given that the regulator is careful to clarify the regulatory vagueness that reigns over the supervision of the cryptocurrency sector. The game is far from won.
For its part, Grayscalea historic fund enabling companies to gain controlled exposure to bitcoin, attack in court the regulator. The latter has, in the past, refused to issue a Bitcoin spot ETF. If BlackRock’s is accepted, it’s easy to imagine that Grayscale won’t be happy. to be upstaged.
According to Jay Clayton investor security would have reinforced on the Bitcoin spot market. And the delta that previously existed between the futures and market spot would no longer be relevant. If players can prove to the SEC that this is now the case, then there’s a good chance that at least one Bitcoin spot ETF will be approved. The answer in the coming months.