SEC Expected to Approve All Bitcoin ETF Applications at Once: Martin Bednall

The US Securities and Exchange Commission (SEC) is tipped to approve all bitcoin exchange-traded fund (ETF) applications at once to prevent a first-mover advantage, according to Martin Bednall, CEO of Jacobi Asset Management and former managing director at BlackRock. Bednall said BlackRock, one of the firms awaiting SEC approval, would not have gone ahead with a bitcoin ETF application without anticipating approval. Bednall and Steven Schoenfeld, CEO at VanEck-owned MarketVector Indexes, agreed that the SEC was likely to approve spot bitcoin ETFs sooner than previously thought, which would lead to a large inflow of investor funds and a “hugely positive” impact on the cryptocurrency market.