TL;DR
-
Bad news: Late last week, Gary Gensler’s SEC rejected BlackRock’s application to launch a Bitcoin ETF – a fund that would likely pour billions of dollars into Bitcoin.
-
Good news: The SEC provided BlackRock with constructive feedback asking for clarity on how it intends to detect/monitor potential fraud and market manipulation.
-
Since then, BlackRock has been working with Coinbase to meet the above requirements and has reapplied for the ETF (inspiring hopes of eventual approval).
Full story
You know that scene in Arrested Development where Lucille Bluth is medicated and becomes unusually kind? ☝️
This feels like it.
Late last week, Gary Gensler’s SEC rejected BlackRock’s application to launch a Bitcoin Exchange Traded Fund (ETF).
(A fund that would likely pour billions of dollars into Bitcoin).
Given Gary’s aversion to crypto, this denial comes as no surprise.
BUT! This is where the uncharacteristic friendliness comes into play:
The SEC brought that “Lucille-on-meds” energy and gave BlackRock constructive feedback – inspiring hope for eventual approval.
An unnamed source told Decrypt that the SEC has asked for more clarity around the “surveillance-sharing agreement.”
Ie The SEC asked “how are you going to track/monitor potential fraud and market manipulation?”
Since then, BlackRock has been working with Coinbase to meet the above requirements and has reapplied to the ETF.
Let’s cross our fingers, rub our lucky fox paws and pray to our respective gods for this one to continue!