While the lawsuits filed by the SEC against Binance and Coinbase are still hot on the agenda, the spot Bitcoin ETF application of BlackRock, the world's largest asset management company, has been talked about recently.
While wondering whether the SEC, which has rejected spot Bitcoin ETF applications for various reasons, will accept BlackRock's ETF application, a new report has come from Bank of America.
Evaluating the SEC's actions and approach to the spot BTC ETF, BoF analysts said that the SEC's stance on the spot ETF and the lack of regulatory clarity overshadowed spot Bitcoin ETF approval and blockchain technology development in the US, Coindesk reported.
Analysts led by Alkesh Shah and Andrew Moss made the following statements in the report:
“Actions by the U.S. Securities and Exchange Commission against the cryptocurrency industry are creating regulatory uncertainty in the industry.
As this uncertainty puts pressure on cryptocurrency prices, it causes investors' sensitivity to cryptocurrencies to weaken.
The SEC is targeting crypto platforms, but crypto trading platforms are only one part of the wider ecosystem."
Finally, analysts said that this pressure from the SEC and the regulatory uncertainty it creates has hindered spot Bitcoin ETF approval and blockchain development, adding that they expect blockchain infrastructure and tokenization to “transform financial infrastructure and markets in the next five to 10 years.”
*Not investment advice.
