BlackRock Bitcoin ETF: Imminent Approval Rumors Floating Around

After years of unsuccessful attempts by other companies, David Bailey, a well-known player in the cryptocurrency business, suggested that the U.S. Securities and Exchange Commission (SEC) would soon approve the Bitcoin (BTC) BlackRock exchange-traded fund (ETF).

BlackRock’s entry into the Bitcoin ETF market, according to Bailey, CEO of BTC Inc. and member of the University of Alabama’s board, could tilt the scales in favor of regulatory approval.

David Bailey’s most current remarks regarding the BlackRock BTC ETF’s likely acceptance are based on the asset management firm’s SEC filing from June 15.

If approved, the ETF will give investors the chance to access bitcoin without really holding it, which might have a big impact on the price of BTC.

Can the BlackRock Bitcoin ETF be approved quickly?

ETF approval by the SEC can be a protracted and difficult procedure. The SEC is in charge of assessing ETF offers to make sure they are in accordance with all relevant rules and regulations and are advantageous to investors.

Since the Securities and Exchange Commission has expressed worries about the possibility of fraud and market manipulation in the cryptocurrency market, it typically takes several months for the agency to consider and approve proposals for Bitcoin ETFs.

In the past, the SEC has rejected a number of Bitcoin ETF proposals due to worries about market volatility, liquidity, and the potential for fraud.

The SEC, on the other hand, may soon be more receptive to licensing a Bitcoin ETF, according to some analysts, given recent developments like the increased institutional acceptance of Bitcoin.

The fact that BlackRock, one of the biggest asset managers in the world, is supporting the proposed Bitcoin ETF, according to Bailey, could be a game-changer in light of these events. He says that because of BlackRock’s standing and influence in the financial sector, it might be simpler for regulators to give a product their blessing in a matter of “days or weeks.”

The BlackRock Bitcoin ETF and all other outstanding ETF proposals are subject to SEC approval; however, no official date for that approval has been given. The agency’s approval procedure is typically opaque, and before a request is approved, if at all, it may take several months or even years.

Featured image courtesy of Unsplash;; chart

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