In case you didn't hear Blackrock is planning on asking the government to approve a #Bitcoin ETF and plans to use CoinBase as the custodian. 👇
Discussion
I don't know how they get approved when the SEC hasnt approved grayscales ETF and the SEC is being sued by them.
Is the answer "because they are Blackrock" really that confusing?
Blackrock hasn’t been approved yet, they have even applied.
But I won’t surprised if they do get approved simply because they’re Blackrock.
Futures ETF. Toe dipped in.
There’s already approved futures ETFs not issued by Blackrock. I’d imagine they’re going to apply for a spot ETF.
There’s no Blackrock futures ETF. They are in a different realm completely. Just my humble opinion but it’s an easier approval & logical first step for them. Nobody says no to Blackrock & Gary isn’t ready to approve spot ETF just yet.
Since grayscale has already applied I would think grayscales spot ETF would go first. Then again, the game is rigged with the SEC so anything can happen I suppose.
Grayscale also represents ETH funds. I could see Gary approving a Blackrock BTC spot ETF while still not approving grayscales application. Who knows. Blackrock doesn’t operate as a normal company. They are the SEC in many ways.
Grayscales application is moot at this point. It was already rejected. They only way they get theirs approved now is by re applying or by winning their lawsuit and having the court enjoin the SEC to approve the previously rejected application. But the SEC just approving the grayscale application out of nowhere is out of the question now because there’s no application to approve anymore.
The Blackrock application does have interesting implications for the SEC given the grayscale suit though. If the SEC approves Blackrocks application (assuming it’s spot), I’m not sure how they could defend themselves in court saying they were in the right when they rejected grayscales application.
Yea the entire argument of "but Grayscale was told no" comes from a serious confusion as to how things work in America. As though there are no double standards. 😹
You can reject anything and say yes to anything at the SEC. They do it all the time.
I nominate this for best meme for #[2]​ but it might get drowned by 1million #zap memes
Cathie Wood doubling down on CB stock suddenly makes a lot more sense
When you're the massive corporation holding the puppet strings, the puppets tend to do what you want.
Think it will be a spot ETF? Probability of approval?