Spot Ethereum ETF: BlackRock CEO on Approval Amid SEC scare

Highlights

BlackRock CEO Larry Fink is still bullish on spot Ethereum ETF
Larry Fink made this comment amid SEC's pursuit of a securities tag on Ethereum
The BlackRock boss also expressed his bullish stance for Bitcoin and the firm's IBIT ETF

In an interview between FOX Business Network’s Senior Correspondent Charles Gasparino and BlackRock CEO Larry Fink, the latter shared his optimism of a possible approval for spot Ethereum ETF from the Securities and Exchange Commission (SEC).

BlackRock CEO Voices Support for ETH

In the latest edition of The Claman Countdown series hosted by Liz Claman, Gasparino pointed out that the United States SEC has been trying to declare Ethereum as security. This means the regulator is doing its best to take out the second-largest cryptocurrency by market capitalization from the Bitcoin commodity categorization.

Considering the SEC’s position on Ethereum, Gasparino posed a question to the BlackRock CEO, inquiring him how he thinks the whole situation will play out when viewed from an ETF angle. Although he was a little reluctant to address the question, Fink responded to Gasparino’s question, stating clearly that he didn’t think any potential designation given to Ethereum was going to negatively impact the crypto that much.

🚨NEW: Larry Fink on $ETH spot ETF: @CGasparino: There's a lot of noise about the SEC declaring ether a security which would take it out of the bitcoin category as a commodity. How does that translate into an ETF?

Fink: “I don’t think – look and I really can’t talk about this… https://t.co/si9ZiM6z30 pic.twitter.com/SVFcGvwRRg

— Eleanor Terrett (@EleanorTerrett) March 27, 2024

To further establish Fink’s stance on the Ethereum classification, the FOX Business correspondent asked him if his firm would still move forward with a spot Ethereum ETF if the underlying crypto is finally declared a security. Fink’s response of “I think so, yeah” did not portray certainty but it still suggests that BlackRock is interested in the moving spot Ethereum ETF.

For an asset management company that happens to be the best-performing spot Bitcoin ETF issuer, BlackRock’s support for a potential spot Ethereum ETF is not unfounded. While at the Claman Countdown series, Fink even acknowledged the Bitcoin ETF as the fastest-growing ETF in all of history. The fact that the Bitcoin ETF has conveniently outperformed gold ETFs is a confirmation of BlackRock CEO’s claim.

The Wait for Spot Ethereum Approval

In November, BlackRock filed for a spot Ethereum ETF with the U.S. SEC but since that time, no response has been given by the regulator about the filing.

Rather, the decision on the spot Ethereum ETF application from BlackRock was postponed by the U.S. SEC until March 10, 2024. It’s been more than two weeks since the new date for a decision from the agency but no answer has been given yet.

Many market observers are suddenly becoming concerned that a spot Ethereum ETF may never be a reality. Their fears were compounded recently after Gary Gensler, SEC Chair, started avoiding discussions on the subject of Ethereum ETFs. The SEC Chair equally received a letter from Rhode Island Senator Jack Reed and California Senator Laphonza Butler, asking him to meticulously scrutinize and pay caution in the approval process for further crypto ETFs.

The talks about Ethereum classification as security are intensifying and it is believed that this would most likely impede the possibility for spot Ethereum ETF approval.

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Godfrey Benjamin

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