Briefly

• if approved, BlackRock’s spot Bitcoin ETF could revolutionize the cryptocurrency industry.
• The crypto community has responded positively to the news, but there is still skepticism.
• The SEC’s potential approval of the ETF, according to some analysts, would open the door for more established financial institutions to enter the market.

After weeks of doom and gloom and a massive regulatory crackdown, the cryptocurrency industry has received some good news. If approved, the BlackRock spot Bitcoin ETF application could change the game.

The BlackRock Bitcoin spot ETF filing has received generally positive feedback from the crypto community, though some remain skeptical.

BlackRock ETF a Game Changer

BeInCrypto reported on June 15 that BlackRock, the largest asset manager in the world, is getting ready to submit a spot Bitcoin ETF application.

In addition, the company will work with Coinbase to provide ETF custody services, using the exchange’s spot market pricing data.

As one of the biggest players in traditional finance prepares to enter the crypto space, crypto Twitter is awash with commentary and approval of the news.

Industry specialist Luke Martin said that the SEC’s ineptitude opens the entryway for Asian nations to set up a good foundation for themselves as crypto center points.

“America’s regulatory crackdown doesn’t stop crypto. It just means other countries capture the upside.”

This was mentioned by BlackRock CEO Larry Fink in a recent industry commentary. The asset manager also talks about the advantages of decentralized rails and plans to tokenize stocks and bonds, among other asset classes.

Martin remarked that it is a “refreshing take when the timeline has been full-blown crypto doom.”

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Adam Cochran, a partner in Cinneamhain Ventures, added, “Blackrock is like the king of ETFs.” They do not file anything they do not anticipate winning.

Will Clemente, the founder of Reflexivity Research, however, saw a darker side to the possibility of ETF approval.

“If Blackrock’s spot ETF application gets approved, it is undeniable that Operation Chokepoint 2.0 was orchestrated to drive out crypto native companies and bring in large traditional firms that are buddy-buddy with the US govt to try and control Bitcoin/crypto.”

The sentiment was echoed by crypto analyst Miles Deutscher, who stated, “The SEC is “killing” crypto so they can control it.”

In an effort to prevent startups from entering the market, they are cutting off fiat on/off ramps and mucking up the regulatory waters. In addition, they are suing crypto businesses for failing to register security exchanges that they are not operating and denying them licenses.

According to what he stated, it is “paving the way for TradFi institutions to take over the space by granting them the appropriate approval.”

Little Reaction From Crypto Markets