Former BlackRock managing director Steven Schoenfield suggests that the SEC may greenlight a Bitcoin spot ETF in the next 3 to 6 months, citing increasing regulatory pressure. During a London digital asset summit, the CEO of MarketVector Indexes revised his timeframe prediction.
Schoenfield was reacting to another former BlackRock executive-turned-CEO, Martin Bednall, who anticipates that the SEC will simultaneously approve multiple Bitcoin ETFs to prevent granting advantages to any single entity. Schoenfield’s shortened timeline takes into account the SEC’s recent delay tactics, which he views as a more favorable approach than outright rejections.
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Schoenfield observes a change in approach that could potentially pave the way for the approval of Bitcoin ETFs.
The SEC has recently chosen to collect additional public feedback on pending Bitcoin ETF applications instead of issuing outright denials. Schoenfield referred to this change in approach as a small but significant move toward fostering dialogue that could expedite approval. Additionally, he pointed out the SEC’s legal loss against Grayscale regarding the conversion of its Bitcoin Trust into an ETF format, which may compel the SEC to permit the launch of spot Bitcoin ETFs.
Previously, Schoenfield had predicted that it would require 9–12 months to surmount the regulatory challenges for Bitcoin ETFs. However, his revised estimate of a few months indicates a growing confidence in the likelihood of near-term product launches. Additionally, it’s worth noting that the SEC has requested a judge to deny Coinbase’s motion to dismiss its lawsuit, as mentioned in the related article.
While some experts advise a degree of caution and tempered optimism, they anticipate that the SEC may continue to explore various options to extend the approval process. Nevertheless, it’s evident that there is increasing pressure from multiple sources to expedite a positive decision.
The ongoing regulatory discussions persist as the first Bitcoin futures ETF approaches its one-year milestone. Despite experiencing substantial trading volumes, futures-based products do not offer the accessibility and direct exposure that many investors still desire.
The approval of a spot Bitcoin ETF remains a coveted goal for the industry, as it has the potential to attract billions in new institutional capital. While the SEC deliberates, companies like Grayscale are striving to compel decisive action through legal means.
