Noelle Acheson of the Crypto is Macro Now newsletter poured cold water on the possibility that the US Securities Exchange Commission approved BlackRock’s Bitcoin ETF application, saying “It’s not going to happen.”
The Bitcoin community took the news of the ETF application largely positively.
For example, Peter McCormack wondered if its approval would trigger a bull market. Likewise co-founder of YellowBlock Teddy Valve said, “If approved, expect a pump that will break your screen.”
Others, however, were cautious, such as a Twitter account Consumer research – making an exception to the company’s pro-ESG stance. While Will Clemente pointed out that BlackRock CEO Larry Fink had previously called Bitcoin an “index of money laundering.”
ESG refers to criteria for assessing environmental, social and governance standards. Some have argued that it is a tool for social control and scamming, in that a high ESG score does not necessarily equate to responsible business conduct.
SEC’s track record
With the SEC’s track record of spot BTC ETF approvals, coupled with the ongoing US regulatory war on crypto, Acheson isn’t alone in thinking a spot Bitcoin ETF wouldn’t get approval – with Bloomberg analyst Eric Balchunas hypothetical 575-1 chance of it happening.
Acheson explained to CryptoSlate that BlackRock is aware that the application will not be approved, but still needs to be submitted to send a political message.
When asked what she meant, the Crypto is Macro Now writer replied said Fink is a supporter of the Democrats and likely a major donor. He is trying to send a “subliminal message” to the White House to get them to reexamine their aggressive regulatory approach to crypto.
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