BlackRock utmanar SEC-utmärkelsen för Crypto Futures och Spot ETFs

• BlackRock sa att SEC inte har någon logisk motivering för att skilja mellan BTC spot- och termins-ETF:er.
• SEC hävdar att ETF:er för kryptoterminer har överlägsen reglering och konsumentskydd enligt 1940 års lag.
• 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.

Det ledande kapitalförvaltningsföretaget lämnade in sin plan för en 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 Ansökan, the firm questioned the regulator’s treatment of Bitcoin spot ETFs. 

BlackRock hävdar att SEC har använt grundlös logik för att dra en gräns mellan Bitcoin-spot-ETF:er och Bitcoin-termins-ETF:er, och godkänt de senare och avvisat flera ansökningar av de förra. 

“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.

Läs här: https://t.co/7mwYNWDHRo https://t.co/fAgVBnOBZZ

— Jake Chervinsky (@jchervinsky) 10 november 2023

Det är viktigt att notera att SEC inte har godkänt en enda Bitcoin spot-ETF trots att de fått ett dussin ansökningar om detsamma från ledande kapitalförvaltningsföretag. Byrån har dock godkänt Bitcoin-termins-ETF:er och hävdar att de har överlägsen reglering och konsumentskydd enligt 1940 års lag i motsats till 1933 års lag, som täcker spot-crypto ETF:er.

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.”

Som rapporterats tidigare av Bitnation, avslöjade BlackRocks vd Larry Fink att kapitalförvaltningsföretaget hade investerade $24 miljoner i den nu konkursade kryptobörsen FTX.

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