Good News/Bad News Re: Bitcoin ETF

Jul 7

Bad news: late last week, Gary Gensler's SEC denied BlackRock's application to launch a Bitcoin ETF - a fund that would likely see billions of dollars flow into Bitcoin.
Good news: the SEC gave BlackRock constructive feedback - asking for clarity on how it plans to track/monitor potential fraud and market manipulation.
Since then, BlackRock has teamed up with Coinbase to meet the above requirements and reapplied for the ETF (inspiring hope of an eventual approval).

You know that scene in Arrested Development, where Lucille Bluth is put on meds and becomes uncharacteristically friendly? ☝️

This feels like that.

Late last week, Gary Gensler's SEC denied BlackRock's application to launch a Bitcoin Exchange Traded Fund (ETF).

(A fund that would likely see billions of dollars flow into Bitcoin).

Now - given Gary's aversion to crypto - this denial comes as no surprise.

BUT! Here's where the uncharacteristic friendliness comes into play:

The SEC brought that 'Lucille-on-meds' energy, and gave BlackRock constructive feedback - inspiring hope of an eventual approval.

An unnamed source told Decrypt that the SEC has asked for more clarity around the "surveillance-sharing agreement."

I.e. The SEC asked: "how're you going to track/monitor potential fraud and market manipulation?"

Since then, BlackRock has teamed up with Coinbase to meet the above requirements and reapplied for the ETF.

Let's cross our fingers, rub our lucky fox paws, and pray to our respective gods that this one goes through!

Web3 and crypto news, translated into plain English.

Another Brick in The Wall for Web3