BlackRock Anticipates Approval for Bitcoin ETF Next Wednesday
- The giant BlackRock expects the SEC to approve its Bitcoin ETF next Wednesday.
- The approval of a live Bitcoin ETF is highly anticipated by cryptocurrency supporters.
- Doubts are being raised, pointing out the volatility and lack of regulation of Bitcoin.
Approval of Bitcoin Spot ETF Scheduled for Wednesday?
BlackRock, recognized as the world’s largest asset manager, expects the United States Securities and Exchange Commission (SEC) to approve its application for a Bitcoin exchange-traded fund (ETF) as early as next Wednesday.
This anticipation marks a potentially historic moment for the cryptocurrency market, as such a product would allow investors to trade bitcoins directly through an ETF, unlike current products based on futures contracts.
BlackRock is not the only player eagerly awaiting SEC approval for its ETF. Giants like Grayscale, VanEck, Fidelity, and ARK 21Shares are also among them.
At the same time, BlackRock is reportedly planning to cut over 600 jobs, which represents 3% of its total workforce.
Controversies Surrounding Bitcoin Spot ETFs
Approval of a Bitcoin ETF is seen as a major milestone by cryptocurrency advocates. They believe it could inject billions of dollars into this sector.
However, this prospect is not without controversies. Some warn of the volatility and lack of regulation of Bitcoin, calling the approval of such an ETF a “serious regulatory mistake.”
This debate highlights the challenges faced by regulators in balancing innovation and investor protection in the rapidly evolving field of cryptocurrencies.
