SEC Faces Scrutiny from Investment Giant BlackRock, Contends Equivalence of Spot Bitcoin and Ethereum ETFs with Futures ETFs
The world’s largest asset management firm, BlackRock, is challenging the U.S. Securities and Exchange Commission (SEC), arguing that spot market Bitcoin (BTC) and Ethereum (ETH) exchange-traded funds (ETFs) are indistinguishable from futures ETFs.
BlackRock, overseeing over $8 trillion in assets, contends that the SEC should grant approval for spot market crypto ETFs, citing the prior approval of futures ETFs. In its filing, BlackRock asserts that the SEC is misapplying the Investment Company Act of 1940 to spot ETFs, stating that the act’s investor protections do not address potential harms related to underlying assets or markets.
The firm emphasizes that the SEC’s differentiation between futures and spot market ETFs is arbitrary, highlighting that their proposed iShares Ethereum trust registration in Delaware mirrors their earlier move with a Bitcoin trust.
Clever Robot News Desk 13th November 2023
Related Article
