Early June, Bitcoin’s price experienced a surge that saw it rise by almost more than 14% following the move by BlackRock to file for a spot Bitcoin ETF. Even though most of the attention in the next few months is going to be directed toward the United States Securities and Exchange Commission’s response; BlackRock’s filing will raise a ton of questions on how the market could be affected by the move should it go through.

The CEO of Kraken-subsidiary CF Benchmarks – Sui Chung, who has been at the pivot of Bitcoin EFT filling processes over the years believes that the most recent filling process by BlackRock is quite different from other filling processes that have occurred before. Chung’s company is the firm in charge of providing the index to be used by spot bitcoin ETFs being posed by BlackRock, Valkyrie, and WisdomTree.

Sui Chung also went into detail to speak about the magnitude of the potential market for the funds.

The Bitcoin ETF move by BlackRock

When asked how this most recent filling ETF by BlackRock is different from the others, Sui Chung responded by noting that CF Benchmarks has had the most filling of all the bitcoin ETF filling ever made, siting that his firm has been involved in seven out of the 13 fillings ever made. The CF Benchmarks CEO went on to mention that what made this filling different from the rest was something called SSA with bitcoin spot market which can be found on page 36 of Nasdaq’s 19-b4. Chung explained that this feature has never appeared in any previous 19-b4 by any national stock exchange in the United States.

According to Chung, the SSA’s main aim is to try address the Commission’s concerns that it has previously outlined in its dissatisfaction with other 19-b4 processes. Before the SSA, Sui Chung notes that the vexations caused due to the insufficient measures taken during the listing of exchanges which enforce mechanisms that prevent manipulative trading and potential manipulation of ETF shares.

Nasdaq Move to tackle SEC Concerns

Chung was also keen to mention that the actual 19-b4, which has been made available to the public, Nasdaq proposes to put these measures in place to tackle the concerns raised by the Securities and Exchange Commission. He also added that from his standpoint view, addressing the concerns raised by SEC requires collective action to understand and interpret what that bar looks like. At the same, he insisted that analyzing what others have tried before and raising the bar from that point on is crucial.

On how long the approval process could take, the CF Benchmarks CEO, noted that the standard time was around 45 days. However, SEC had the power to extend the approval time by another 45 days. He also added that even after the 45 days, the SEC still had the authority to ‘extend’ rather than delay the entire process further. According to Chung, the approval could take a total of 230 days before settling on a final verdict.

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Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.