Stephen Schoenfield, former BlackRock managing director, has said the US Securities and Exchange Commission (SEC) will register the first spot Bitcoin ETF within three to six months.
He made the forecast during a panel discussion at CCData's Digital Asset Summit held in London.
Subscribe to our Telegram channel to get weekly short digests about events that shape the crypto world
Another former BlackRock director, Martin Bednall, who also attended the summit, said that the SEC will likely "green light" all applications to launch BTC-based exchange-traded funds simultaneously, as he said he "doesn't think they want to give anybody first mover advantage."
According to Schoenfield, one good sign is that the SEC has not rejected the entire list of applications, but has asked for comments. This is a "significant improvement in the dialogue."
He has added:
"There's also the Grayscale lawsuit, which the SEC lost, which means they're most likely going to have to allow the Grayscale Bitcoin Trust to be converted into an ETF."