BlackRock sfida la distinzione della SEC per i futures sulle criptovalute e gli ETF spot

• BlackRock ha affermato che la SEC non ha alcuna giustificazione logica per distinguere tra ETF spot e future su BTC.
• La SEC sostiene che gli ETF sui futures sulle criptovalute godono di una regolamentazione e di una tutela dei consumatori superiori ai sensi della legge del 1940.
• The 1940 Act lacks relevance in this area, as it places “certain restrictions on ETFs and ETF sponsors,” it said.
• BlackRock filed for an Ether spot ETF called the “iShares Ethereum Trust” on November 9.

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BlackRock, the world’s largest asset management firm with around $9.4 trillion in assets under management, has stated that the United States Securities and Exchange Commission (SEC) has no grounds to differentiate between Bitcoin spot exchange-traded fund (ETF) and BTC futures ETFs. The regulator has no valid reason for the rejection of spot ETF applications, the firm said.

La principale società di gestione del risparmio ha presentato il suo piano per a ETF spot-Ether (ETH). called the “iShares Ethereum Trust” on November 9, resulting in a surge in the price of ETH. Nasdaq submitted the 19b-4 application form to the SEC on behalf of BlackRock, and in its applicazione, the firm questioned the regulator’s treatment of Bitcoin spot ETFs. 

BlackRock sostiene che la SEC ha utilizzato una logica infondata per tracciare una linea tra gli ETF spot su Bitcoin e gli ETF futures su Bitcoin, approvando i secondi e respingendo numerose richieste dei primi. 

“Given that the Commission has approved ETFs that offer exposure to ETH futures, which themselves are priced based on the underlying spot ETH market, the Sponsor believes that the Commission must also approve ETPs that offer exposure to spot ETH,” said the asset management firm. 

I took Scott's advice and read Blackrock's argument for approval of a spot ETH ETF.

It's very compelling.

The argument flows from Grayscale's DC Circuit victory: the SEC can't lawfully approve ETH futures ETFs but not a spot ETH ETF. I agree.

Leggi qui: https://t.co/7mwYNWDHRo https://t.co/fAgVBnOBZZ

— Jake Chervinsky (@jchervinsky) 10 novembre 2023

È importante notare che la SEC non ha approvato un singolo ETF spot su Bitcoin nonostante abbia ricevuto una dozzina di richieste per lo stesso da importanti società di gestione patrimoniale. Tuttavia, l'agenzia ha approvato gli ETF sui futures Bitcoin, sostenendo che godono di una regolamentazione e di una protezione dei consumatori superiori ai sensi della legge del 1940 rispetto alla legge del 1933, che copre gli ETF sulle criptovalute spot.

Further, it seems that the SEC also favors regulation and surveillance-sharing agreements over the Chicago Mercantile Exchange’s (CME’s) digital asset futures market. Interestingly, BlackRock claims that the SEC’s preference for the 1940 Act lacks relevance in this area, as it places “certain restrictions on ETFs and ETF sponsors” and not the underlying assets of the ETFs.

The regulator said that “none of these restrictions address an ETF’s underlying assets, whether ETH futures or spot ETH, or the markets from which such assets’ pricing is derived, whether the CME ETH futures market or spot ETH markets,” while adding:

“As a result, the Sponsor believes that the distinction between registration of ETH futures ETFs under the 1940 Act and the registration of spot ETH ETPs under the 1933 Act is one without a difference in the context of ETH-based ETP proposals.”

BlackRock also noted that by approving Bitcoin futures ETFs via CME, the SEC “clearly determined that CME surveillance can detect spot-market fraud that would affect spot ETPs.”

Come riportato in precedenza da Bitnation, il CEO di BlackRock Larry Fink ha rivelato che la società di gestione patrimoniale lo aveva fatto ha investito $24 milioni nell'ormai fallito scambio di criptovalute FTX.

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