The meeting is not out of the ordinary as the SEC staff regularly engages in meetings with ETF applicants following official filings to assess approval or denial and to clarify their position.
Nevertheless, the SEC staff regularly engages in meetings with ETF applicants following official filings to assess approval or denial and to clarify their position. Although under the leadership of Chair Gary Gensler, the SEC has consistently denied the approval of a spot Bitcoin ETF while approving similar ETFs.
However, the Volatility Shares 2x Bitcoin Strategy ETF, which is the first leveraged Bitcoin futures ETF, was just authorized by the SEC. Given this, it is believed that the approval of a spot Bitcoin ETF may hold particular significance for the cryptocurrency industry.
BlackRock CEO Stresses The Democratization And Cost Benefits Of Bitcoin ETFs
“Bitcoin holds the status of a global asset, independent of any specific currency,” claims Fink.
Fink expressed confidence in the approval of their latest ETF application by highlighting the firm’s positive track record of collaboration with regulators in the past.
While acknowledging his initial skepticism towards cryptocurrencies due to their association with illicit activities, Fink admitted to a change of perspective. In addition to that, BlackRock is actively seeking regulatory collaboration to secure approval for their initial spot Bitcoin ETF application.
Featured image from Twitter, chart from TradingView.com