Carl Fornaris Discusses Opportunity for Financial Institutions Following Court Spot Bitcoin EFT Decision with Techtelegraph

Winston & Strawn partner Carl Fornaris was quoted in a Techtelegraph article discussing the potential opportunities for financial institutions following a recent court decision that may push the SEC to reevaluate its previous rejection of a spot bitcoin ETF. Spot bitcoin ETFs would give investors exposure to bitcoin on an exchange without having to own the underlying asset since the manager of the fund would hold custody of the bitcoin.

Carl stated that the court’s decision has raised optimism that a spot bitcoin ETF will be approved. He added that financial institutions are monitoring developments so they can keep up with regulation.

“I think this is something that is very much on [banks’] radar, and they will want to be poised and ready to go if and when the SEC does issue an approval so that they have a product with the right team ready to launch,” he said.

Carl noted it’s also important that financial institutions discuss digital asset plans with federal regulators, which he said have been “skittish” about banks offering crypto products and services.

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