• BlackRock, one of the world’s largest asset managers, has filed a spot Bitcoin ETF application with the SEC.
• While some commentators are positive about its potential approval, others remain cautious given CEO Larry Fink’s previous criticism of Bitcoin.
• Noelle Acheson of Crypto is Macro Now newsletter believes this application was made to get the White House to re-evaluate its harsh stance on cryptocurrency regulation.
BlackRock Files Spot Bitcoin ETF Application
BlackRock, one of the world’s largest asset managers, recently filed an application for a spot Bitcoin exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). Coinbase will serve as custodian for any BTC holdings in such an ETF should it be approved.
Reactions to BlackRock’s Application
The news received mixed reactions from commentators within the crypto space; while some were optimistic about its potential approval sparking a bull market, others raised questions about whether approval could go against BlackRock’s pro-ESG stance given CEO Larry Fink’s previous criticism of Bitcoin being an “index of money laundering.“
Noelle Acheson Believes Differently
Noelle Acheson of the Crypto is Macro Now newsletter believes that this application was less likely meant to gain regulatory approval than it was to get the White House to re-evaluate its harsh stance on cryptocurrency regulations. She noted: “It’s not going to happen [the approval].”
The SEC is currently coming under congressional scrutiny as it continues to review BlackRock’s application – as well as other applications for similar products – while also considering new industry regulations that could affect cryptocurrencies and digital assets in general.
Do Kwon’s Detention Extended
In related news, Do Kwon – a South Korean entrepreneur – had his detention extended by six months in Montenegro following charges from U.S authorities over alleged fraud involving cryptocurrencies and digital assets . Binance US reportedly cut 50 staff after receiving charges from the SEC earlier this year for operating without proper registration or licensure from state financial regulators.