When BlackRock submitted the iShares Bitcoin Trust registration application to the U.S. Securities and Exchange Commission (SEC), it seemed inevitable that approval would be granted. Evidence on page 36 of the 111-page document referred to a “surveillance sharing agreement” between NASDAQ and U.S. Bitcoin spot market platforms like Coinbase. Additionally, the approval record of BlackRock’s ETF registration application, 575-1, seemed to predestine the outcome.
However, the SEC also clearly expressed its genuine concerns about cryptocurrency market manipulation. Bitcoin price manipulation had been cited in most, if not all, previous ETF rejections. The SEC was not convinced by arguments that Coinbase and other cryptocurrency exchanges were reliable enough to “prevent fraud and manipulation.”
Despite the approval of the Bitcoin spot market ETF, there was no record-breaking flow of billions of USD as some reporters had predicted. Nevertheless, the “top adversary of cryptocurrencies” and purportedly the biggest opponent to the acceptance of blockchain in the U.S. ultimately had to acknowledge the position of cryptocurrencies in the market.
In the near future, there are expected to be similar approvals for Ethereum spot market ETFs, following the legal precedents set by Bitcoin spot market ETFs.
Since 2017, many have said that eventually, all financial assets will be on the blockchain. Larry Fink, CEO of BlackRock, finally agreed. He stated that ETFs are just a stepping stone for the “technology revolution in the financial market,” including the “tokenization of all financial assets.”
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