- Steven Schoenfield predicts the SEC will approve spot ETFs within three to six months.
- Schoenfield also anticipated an estimated inflow of up to $200 billion to follow the approvals.
- The industry expert stated this at the recent CCData Digital Asset Summit hosted in London.
The US Security and Exchange Commission (SEC) will approve spot Bitcoin Exchange Trust Funds (ETFs) within three to six months, according to Steven Schoenfield, a former BlackRock managing director. Schoenfield also predicted an estimated inflow of up to $200 billion to follow the spot ETF approval.
Schoenfield, now the CEO of MarketVector Indexes, made the statement during a recent panel discussion on ETFs at the CCData Digital Asset Summit hosted in London. Also present at the event was ex-BlackRock director Martin Bednall, now the CEO of Jacobi Asset Investment.
Before Schoenfield’s prediction, Bednall had speculated that the SEC would likely approve all the ETF applications simultaneously. He thinks the regulator would not want to give any organization a first-mover advantage.
The MarketVector CEO’s latest prediction is a shift from his original position. According to him, he would have given the SEC nine to twelve months to make approvals. However, the variation in the SEC’s delay method in giving a verdict on the pending ETF applications influenced his change of mind. He thinks the regulator has changed its tactics.
Schoenfield said:
Instead of completely rejecting the whole list, they’ve asked for comments, which is a marginal but significant improvement in the dialogue.
The former BlackRock director also noted the lawsuit by Grayscale, which the SEC lost, as a factor that could influence an earlier approval of spot ETFs. According to him, the SEC would most likely allow the Grayscale Bitcoin Trust to be converted into an ETF.
Several pending ETF applications are awaiting approval from the SEC. However, BlackRock’s proposal, with $9.42 trillion in assets under management (AUM), is the most popular. It also seems to be the one that’s most likely to be approved. Historically, BlackRock has a 575-1 winning score in getting ETF approvals from the SEC.
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