BlackRock betwist het SEC-onderscheid voor cryptofutures en spot-ETF's

• BlackRock zei dat de SEC geen logische rechtvaardiging heeft om onderscheid te maken tussen BTC-spot- en futures-ETF's.
• De SEC beweert dat crypto futures-ETF’s superieure regelgeving en consumentenbescherming bieden onder de wet van 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.

De toonaangevende vermogensbeheerder diende zijn plan in voor een spot-Ether (ETH) ETF 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 sollicitatie, the firm questioned the regulator’s treatment of Bitcoin spot ETFs. 

BlackRock beweert dat de SEC ongefundeerde logica heeft gebruikt om een grens te trekken tussen Bitcoin-spot-ETF's en Bitcoin-futures-ETF's, waarbij ze de laatste heeft goedgekeurd en meerdere toepassingen van de eerste heeft afgewezen. 

“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.

Lees hier: https://t.co/7mwYNWDHRo https://t.co/fAgVBnOBZZ

— Jake Chervinsky (@jchervinsky) 10 november 2023

Het is belangrijk op te merken dat de SEC geen enkele Bitcoin spot ETF heeft goedgekeurd, ondanks het feit dat zij hiervoor een tiental aanvragen heeft ontvangen van toonaangevende vermogensbeheerders. Het bureau heeft echter Bitcoin futures ETF’s goedgekeurd en beweert dat ze superieure regelgeving en consumentenbescherming genieten onder de wet van 1940, in tegenstelling tot de wet van 1933, die betrekking heeft op spot-crypto ETF’s.

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.”

Zoals eerder gemeld door Bitnation, onthulde Larry Fink, CEO van BlackRock, dat het vermogensbeheerbedrijf dat wel had gedaan investeerde $24 miljoen in de inmiddels failliete cryptobeurs FTX.

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