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Grayscale Bitcoin Trust

Stephen Schoenfield and Martin Bednall, former senior executives at BlackRock, are optimistic that the Securities and Exchange Commission (SEC) has “no choice” but to&nbsp;<a href="https://decrypt.co/200129/ex-blackrock-director-says-sec-will-approve-bitcoin-etf-3-6-months" target="_blank" rel="noreferrer noopener">approve</a>&nbsp;multiple Bitcoin exchange-traded funds (ETFs) within the next 3-6 months.&nbsp; 
Despite initial predictions, Schoenfield changed his timeline due to the commission’s decision to request comments on applications instead of rejecting them outright. 
The Grayscale lawsuit victory also suggests that the <a href="https://crypto.news/us-sec-asks-us-judge-to-reject-coinbases-dismissal-motion/" data-type="post" data-id="14200403">SEC</a> may have to allow the Grayscale Bitcoin Trust to be converted into an ETF. 
 You might also like: <a href="https://crypto.news/us-sec-delays-ark-21shares-bitcoin-etf-ruling-until-january-2024/"> US SEC delays ARK 21Shares Bitcoin ETF ruling until January 2024 </a> 
Shenfield believes that all applications will be approved at once, similar to the case with <a href="https://crypto.news/ethereum-futures-etfs-on-cme-begin-with-light-trading-volumes/" data-type="post" data-id="14200130">Ethereum futures ETFs</a>, to prevent market monopolization by large participants.&nbsp; 
However, Bednall disagrees and claims that “six to nine” large investment firms are committed to the crypto asset market, some of which have more efficient infrastructures offering new directions.&nbsp; 
BlackRock, despite being favored by Shenfield, may face tough competition. 
Both experts are confident that the approval of spot Bitcoin ETFs will attract $150 billion to $200 billion into the segment, as confirmed by the CoinShares&nbsp;<a target="_blank" href="https://crypto.news/crypto-assets-see-inflows-first-time-in-6-weeks/" rel="noreferrer noopener">report</a>.&nbsp; 
Analysts report a net inflow of funds into crypto funds from Sep. 25 to Oct. 1, indicating a positive market trend. 
 You might also like: <a href="https://crypto.news/bloomberg-analyst-reports-ether-futures-etf-activity-is-slow/"> Bloomberg analyst reports Ether futures ETF activity is slow </a>

Former BlackRock executives: SEC has no choice but to approve Bitcoin ETFs

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