Investment manager Blackrock and Wall Street giant JP Morgan have reportedly asked their employees to prepare for an upcoming spot Bitcoin ETF approval from the US Securities and Exchange Commission (SEC). BlackRock had previously named JP Morgan as the Lead Authorized Participant (`) in its recent ETF filing.
Also read: Crypto transactions over $10,000 will be subject to stricter IRS scrutiny under new US regulations
Dominance of Blackrock, JP Morgan and Bitcoin ETF
When BlackRock selected JP Morgan as an authorized participant, the crypto community expressed the “irony,” recalling that the Wall Street bank’s CEO Jamie Dimon had called for a ban on Bitcoin use in the United States. John Deaton, the lawyer representing XRP token holders in the Ripple lawsuit against the SEC, reiterated his previous stance that companies like Blackrock wanted to gain a share of the crypto market before the SEC opens the doors to regulatory guidance, while People how Dimon criticized the crypto space.
Meanwhile, it remains to be seen whether Blackrock will be able to compete with crypto-focused players like Grayscale to repeat its dominance in the Bitcoin ETF space. The investment manager manages assets worth around $9 trillion for clients around the world.
BTC price target
Meanwhile, Bitcoin (BTC) price is showing signs of bullish momentum with a growth of 7% in the last 7 days. It remains to be seen whether BTC price will reach the psychologically important milestone of $50,000 before the expected spot Bitcoin ETF approval window between January 8th and 10th, 2024.
Also read: Bitcoin ETF: How will BlackRock balance fees with market dominance?
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