The global head of iShares and Index Investments at BlackRock Financial Management said the financial firm is unlikely to launch crypto-traded funds (ETFs) anytime soon.

According to a Financial News report on Friday, BlackRock CEO Salem Ramji said the company, which has $9.5 trillion in assets under management, “has no current plans” to launch a crypto-traded fund ahead of its US launch. Additional organizational clarity. He added that it is unlikely that BlackRock will be among the first in this emerging market for cryptocurrency investments, but the company needs to exercise due diligence.

“Before we brand our [cryptocurrency] or brand it, we want to make sure that our customers will be happy with us in five years, in 10 years,” Ramji said. “The field of cryptocurrency regulation remains incredibly mysterious and not at all clear.”

The Bitcoin (BTC) ETF strategy from digital asset manager Valkyrie and ProShares was launched on US stock exchanges in October. Both funds allow US investors to interact directly with cryptocurrency futures, and Securities and Exchange Commission (SEC) Chairman Gary Gensler is likely to begin filing, suggesting in August that the agency could be open to approving exchange-traded products subject to futures contracts. Regulatory for BTC.

ProShares totaled more than $1 billion in assets in the first week of trading. Additionally, since then, the BTC strategy ETF has climbed to the top 2% of ETFs in terms of total trading volume — about $400 million worth of shares traded on November 10.

On the topic: Why now? It took the Securities and Exchange Commission eight years to license the Bitcoin ETF in the United States.

Despite the launch of Valkyries ETFs and ProShares BTC Strategy for several days in a row, VanEck Asset Manager’s proposal to list them on any exchange has not been approved, despite conflicting media reports indicating a firm launch date. VanEck submitted a prospectus for its Bitcoin ETF strategy to the Securities and Exchange Commission on August 9, but is also awaiting approval or rejection of the Bitcoin ETF spot spot from the regulator, which is expected to make a decision by November 14.

Eric Balchunas, chief ETF analyst at Bloomberg, said he has a less than 1% chance of the SEC approving VanEck given its results in rejecting offers from crypto-related investment firms.

“The Eagles have a better chance of winning the Super Bowl,” Balchonas said.

Source: CoinTelegraph