The world’s largest asset manager BlackRock created a stir in the crypto market when it filed for a spot Bitcoin ETF in June 2023. However, the U.S. Securities and Exchange Commission (SEC) recently delayed the approval of the ETF. Former BlackRock managing director Steven Schoenfield believes that the SEC could approve the ETF within the next 3-6 months. This is due to the SEC’s shift in approach, seeking public feedback instead of issuing blanket denials for Bitcoin ETFs, and its recent legal loss to Grayscale. Mark Schoenfield, CEO of MarketVector Indexes, views the SEC’s change in approach as a small but significant step towards dialogue that could expedite approval. He initially estimated it would take 9–12 months to navigate regulatory hurdles for Bitcoin ETFs, but his updated estimate suggests greater confidence in the possibility of near-term launches. Along with BlackRock, other firms like VanEck, Ark Invest, and others are also waiting for the approval of the spot Bitcoin ETF. Several market analysts believe that the US SEC is likely to approve multiple spot Bitcoin ETFs at once. Bitcoin started Q4 2023 on a good note with the BTC price shooting past $28,000. However, the headwinds in the traditional financial market have pushed the BTC price under $27,500. Along with the possibility of BlackRock unveiling its spot Bitcoin in early 2024, analysts are excited about the Bitcoin halving in April 2024. Some market analysts believe that this could be the right time for investors to accumulate BTC and prepare for the next bull run.

This News Article was automatically generated by Bob the Bot (AI)

Information	Details
Geography	Europe
Countries
Sentiment	neutral
Relevance Score	8
People	Ark Invest., Martin Bednall, Steven Schoenfield, Mark Schoenfield, VanEck
Companies	SEC, Ark Invest, Coinbase, BlackRock, Grayscale, FCA, VanEck, CySEC, FINRA
Currencies	US Dollar, Ethereum, British Pound, Bitcoin, Euro
Securities	None