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No Bitcoin ETF Until Industry Becomes Legitimized, Says BlackRock CEO Larry Fink

No Bitcoin ETF Until Industry Becomes Legitimized, Says BlackRock CEO Larry Fink

BTC Casino / 2nd November 2018

BlackRock doesn’t have any plans to launch a Bitcoin Exchange Traded Fund (ETF) any time soon. Company CEO Larry Fink says a Bitcoin ETF will only emerge when the industry becomes legitimized.

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BlackRock Has No Bitcoin ETF Plans at the Moment
According to CNBC, Fink says his company isn’t interested in launching a cryptocurrency ETF. Speaking in Manhattan on Thursday (November 1, 2018) at the New York Times Dealbook Conference, he says the industry has to mature before BlackRock would consider such a move. Commenting on the matter, Fink said:
I wouldn’t say never, when it’s legitimate, yes.
Echoing Fink’s comments, Reggie Browne, the “godfather of ETFs,” said an SEC-approved BTC ETF in 2018 was highly unlikely. Also speaking on Thursday, this time at the Financial Markets Quality Conference at Georgetown University, Browne said:
It’s very difficult for the commission to wrap their heads around a positive approval because there’s no data yet. The markets just aren’t here.

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So far, the United States Securities and Exchange Commission (SEC) hasn’t issued approval for any BTC ETF submission. For the Commission, issues surrounding market manipulation, volatility, and lack of trusted custodians continue to stand in the way of any SEC-approved cryptocurrency ETF.
After issuing a raft of rejections against BTC ETF applications, the Commission recently sought additional feedback about the VanEck/SolidX Bitcoin ETF – one of the rejected submissions. Questions concerning market manipulation formed the primary basis of the Commission’s request for clarification.
Concerning legitimizing the market, Fink believes that day may come in the future. However, the BlackRock CEO says legitimacy will come at the cost of independence. Speaking further on the subject, Fink said:
It will ultimately have to be backed by a government. I don’t sense that any government will allow that unless they have a sense of where that money’s going for tax evasion and all of these other issues.

Blockchain Believer
Where Fink isn’t yet sold on cryptocurrencies, with blockchains, the story is the complete opposite. According to the BlackRock CEO, the company is bullish on the prospects of the emerging technology, especially in the area of applying the technology to the mortgage industry. Speaking further, he noted:
We are a huge believer in blockchain. The biggest use for blockchain will be in mortgages, mortgage applications, mortgage ownership, anything that’s labored with paper.
What is your earliest forecast for the first SEC-approved Bitcoin ETF? Let us know your thoughts in the comment section below.

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