Noelle Acheson of the Crypto is Macro Now newsletter poured cold water on the possibility of the U.S. Securities Exchange Commission approving BlackRock’s Bitcoin ETF application, saying, “It’s not going to happen.”
The Bitcoin community largely took the news of the ETF application positively.
For example, Peter McCormack pondered whether its approval would spark a bull market. Similarly, YellowBlock co-founder Teddy Clep said, “If approved, expect a pump that will break your screen.”
However, others expressed caution, such as Twitter account Consumers’ Research – raising an exception to the company’s pro-ESG stance. While Will Clemente pointed out that BlackRock CEO Larry Fink had previously called Bitcoin an “index of money laundering.”
ESG refers to criteria for assessing environmental, social, and governance standards. Some have claimed it is a tool of social control and a scam in that a high ESG score does not necessarily equate to responsible corporate behavior.
SEC’s track record
With the SEC’s track record on the spot BTC ETF approvals, in conjunction with the ongoing U.S. regulatory war against crypto, Acheson is not alone in thinking a spot Bitcoin ETF would not win approval – with Bloomberg analyst Eric Balchunas putting hypothetical 575-1 odds on it happening.
Acheson explained that BlackRock is aware its application will not get approved but filed anyway to send a political message.
When quizzed on what she meant, the Crypto is Macro Now writer said Fink is a Democrat supporter and likely a significant donor. He seeks to send a “subliminal message” to the White House to have them re-examine their aggressive regulatory approach to crypto.
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