Former BlackRock Director Predicts SEC Approval for Bitcoin ETF Within 3 to 6 Months

Former BlackRock Managing Director Steven Schoenfield, now CEO of MarketVector Indexes, predicts that the SEC will take "three to six months" to approve a Bitcoin spot ETF, as per a recent Decrypt report. He made this projection during a panel discussion on ETFs at CCData's Digital Asset Summit in London, where he was joined by Martin Bednall, former BlackRock director and current CEO of Jacobi Asset Management.

Bednall had earlier suggested that the SEC might approve all ETF applications simultaneously to avoid giving any applicant a first-mover advantage. Schoenfield originally believed it would take "nine to twelve months" for approval, but he noted that the SEC's recent approach of seeking comments rather than outright rejections indicates a more positive dialogue. Additionally, the SEC's loss in the Grayscale lawsuit could lead to the conversion of the Grayscale Bitcoin Trust into an ETF.

BlackRock, a leading traditional asset manager overseeing $9.42 trillion in assets, is a strong contender to secure approval for a Bitcoin spot ETF, given its track record of successfully launching ETFs through the SEC. Despite previous skepticism, BlackRock CEO Larry Fink has expressed a more favorable view of cryptocurrency, stating that it "is digitizing gold in many ways."

During the panel discussion, Bednall emphasized that BlackRock's brand and resources could provide a first-mover advantage if the SEC starts approving Bitcoin spot ETFs. However, Schoenfield disagreed, suggesting that other firms with strong commitments to tradable digital assets, possibly even more aligned with the crypto ecosystem than BlackRock, could pose significant competition.

Schoenfield's company has assessed the potential impact of spot ETF approval, estimating a " $150 to $200 billion inflow" into Bitcoin investment products over three years, potentially doubling or tripling the current assets under management in Bitcoin products.

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