BlackRock has criticized the SEC's disparate treatment of spot crypto and crypto futures exchange-traded funds. The company is questioning the SEC's stance on spot crypto ETFs following the approval of its spot-Ether ETF called the "iShares Ethereum Trust." BlackRock argues that the distinction between futures and spot ETFs is not a valid reason. The SEC states that the 1940 Act provides superior regulation to crypto futures ETFs, but BlackRock argues that this distinction does not apply. By supporting the SEC's approval of crypto futures ETFs, the company states that it can detect spot market fraud. A general expectation among crypto and ETF analysts is that a Bitcoin-related spot crypto ETF could receive SEC approval in the near future. Bloomberg ETF analysts predict a 90% probability of ETFs receiving approval by Jan. 10.