BlackRock chief executive Larry Fink believes approval of spot Ethereum (ETH) exchange-traded funds (ETFs) could still occur even if the top altcoin is deemed a security.
In a new interview on FOX Business, Fink says that the chances of approval for pending applications to launch spot ETH ETFs would not be adversely impacted if the U.S. Securities and Exchange Commission (SEC) designates Ethereum as a security.
[adinserter block="1"]“I don’t think that [security] designation is going to be that deleterious.”
BlackRock is among several companies with pending applications before the SEC to launch a spot ETH ETF following the successful launch of spot Bitcoin (BTC) ETFs in January.
The SEC considers Bitcoin a commodity, not a security. Gary Gensler, SEC chair, has not said whether he believes ETH is a security, but he has suggested many digital assets besides Bitcoin could be deemed securities.
The SEC is reportedly moving to designate ETH as a security. Meanwhile, the U.S. Commodity Futures Trading Commission (CFTC) has indicated ETH is a commodity.
Asked if BlackRock could still launch a spot ETH ETF even if Ethereum is deemed a security, Fink says they could.
He also says that the demand for BlackRock’s iShares Bitcoin Trust (IBIT) spot BTC ETF product is exceeding his expectations.
“I’m very bullish on the long-term viability of Bitcoin. We’re creating now a market that has more liquidity, more transparency. And I’m pleasantly surprised, and I would never have predicted it before we filed it, that we were going to see this type of retail demand…
IBIT is the fastest-growing ETF in the history of ETFs. Nothing has gained assets as fast as IBIT in the history of ETFs.”
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