BlackRock Challenges SEC, Says Spot Bitcoin and Ethereum ETFs are No Different from Futures ETFs

BlackRock, the world's largest asset management firm with over $8 trillion in assets under management, is challenging the U.S. Securities and Exchange Commission (SEC) to approve spot market Bitcoin and Ethereum exchange-traded funds (ETFs), arguing that they are no different from futures ETFs. The firm contends that the SEC should approve spot market crypto ETFs as it has already greenlighted futures ETFs. BlackRock believes that the distinction created by the SEC between futures ETFs and spot market ETFs is arbitrary and that the regulatory agency is misusing the Investment Company Act of 1940 by applying it to spot ETFs.