Crypto industry leader David Bailey said asset management giant BlackRock's BTC ETF (Exchange-Traded Fund) may soon be approved by the SEC, a breakthrough after several failed attempts by other companies.

Bailey, who is CEO of BTC Inc. and also sits on the board of directors of the University of Alabama, believes BlackRock’s entry into the BTC ETF market could change regulators’ attitude toward the product.

David Bailey’s comments come in a June 15 filing by the asset manager with the SEC.

If approved, the ETF would provide investors with a way to gain exposure to BTC without directly holding the currency, which could significantly impact the price of BTC.

The SEC’s approval process for ETFs can be long and complicated as the regulator is charged with evaluating ETF proposals to ensure they comply with all applicable laws and regulations and are in the best interest of investors.

Typically, the SEC takes months to review and approve BTC ETF proposals as the agency is concerned about potential fraud and manipulation in the Crypto market.

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

However, recent developments, such as growing institutional adoption of BTC, have led some experts to believe that the SEC may be more willing to approve a BTC ETF soon.

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

He also noted that BlackRock’s reputation and influence 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 approving 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.