The former managing director at Barclays Global Investors, Steven Schoenfeld, believes that the US Securities and Exchange Commission (SEC) will likely approve all spot Bitcoin exchange-traded funds (ETFs) simultaneously. He thinks the SEC will not want to give any company a first-mover advantage, especially considering the involvement of BlackRock. Schoenfeld expects the approval to happen sooner than previously anticipated, possibly within three to six months. He points to positive signs, such as the SEC asking for comments on the Bitcoin ETF list and the SEC losing a lawsuit related to the Grayscale Bitcoin Trust (GBTC), which may lead to its conversion into an ETF. If allowed, the SEC wouldn’t want ETF filings to be still pending.
AI Sentiment: Positive