Blackrock's ETF Move and Growing SEC Confidence☕
In crypto, after working through the faux-Blackrock ETF approval news the past week, prices have finally spiked higher with a corresponding jump in volatility as traders appear to be growing more confident of a 'when, not if' spot BTC approval from the SEC.
Furthermore, a peek through the latest Blackrock iShares S-1 amendments shows that they have managed to obtain a CUSIP (registration identifier for security clearing), a requisite preparatory step for an imminent launch, as well as the creation of a "Seed Creation Basket" (similar to initial project liquidity in an AMM pool) as early as October 2023.
Media analysts have also meaningfully raised their odds for a successful ETF approval, as the SEC has now reportedly responded to applications with their comments, instead of the 'ignore and delay' approach. In addition, the US District Court of Appeals effectively ended the SEC vs Grayscale dispute with its final mandate yesterday (without a SEC appeal), putting the pressure solely back on the agency to move on with the next steps of the ETF approval as a big legal win for the crypto industry.
