David Bailey, a well-known figure in the crypto industry, said that the BTC ETF (Exchange-Traded Fund) of asset management giant BlackRock (BlackRock) may soon be approved by the SEC,This is a breakthrough after many failed attempts by other companies。

Bailey, CEO of BTC Inc. and a board member of the University of Alabama, believes that BlackRock’s entry into the BTC ETF market could change regulators’ attitude to the product.

The comments from David Bailey come from the asset manager's filing with the SEC on June 15.

If approved,This ETF will provide investors with a way to gain exposure to BTC without directly holding the currency, which could significantly affect the price of BTC。

The SEC's approval process for ETFs can be lengthy and complex because the regulator evaluates ETF proposals,To ensure that they comply with all applicable laws and regulations and are in the best interests of investors。

Typically, the SEC takes months to review and approve BTC ETF proposals because the agency is concerned about possible fraud and manipulation in the crypto market.

Because of these issues, the SEC has previously rejected several BTC ETF proposals.

However, some recent developments, such as the increasing adoption of BTC by institutions, have led some experts to believe that the SEC may be more willing to approve BTC ETFs soon.

According to Bailey, given these developments, BlackRock’s BTC ETF proposal, one of the world’s largest asset managers, could be a game-changer.

He also pointed out thatBlackRock's reputation and clout in the financial industry could make it easier for regulators to approve the product in "days to weeks"。

Notably, the SEC has not provided any official timeline for approval of BlackRock’s BTC ETF or any other pending ETF proposals.

The agency's approval process is often opaque and can take months or even years to approve a proposal.