Long Wait for Bitcoin ETF

in Proof of Brain3 months ago

The massive cryptocurrency growth during the latter 1/2 of 2020 and the first half of 2021, alongside with a wave of institutional appetite having a bet billions of bucks on the growth of the crypto ecosystem, all helped elevate positive expectations related to the approval of the Bitcoin ETF in the USA.

But one former (unsuccessful) bitcoin ETF applicant stated he thinks the odds of that going on are closer than ever.

Waiting for Bitcoin ETF Approval:
According to William Kay, co-founder of Wilshire Phoenix, the SEC does not intend to approve a crypto ETF whenever soon, no matter pressure from prominent investors, businessmen and even influential politicians.

Speaking with Business Insider, William commented that his expectations for approval will be round 2022 or even 2023.

He also believes that notwithstanding the current wave of new ETF orders, none of them are probable to succeed, telling:

I suppose they will all falter...I haven't viewed some thing to point out a alternate in their thinking (ie the SEC).

According to a internet site that tracks ETFs, there are currently eight Bitcoin ETFs lobbying for a response from the SEC.

Parties interested in ETFs vary from historical players such as “VanEck” – who is amongst the first to observe for approval.

Even the famous “Grayscale Bitcoin Trust” which is the closest thing to a bitcoin ETF presently reachable to US traders should convert into a bitcoin ETF if conditions are right.

Michael Sonnenchin, CEO of Grayscale, thinks it is solely a be counted of time.

The Securities and Exchange Commission has other priorities:
Despite the developing pastime in the crypto business, efforts to get an approved Bitcoin ETF have been unsuccessful.

The reason, Kay explains, is that the SEC is worried about practicable market manipulation scenarios due to high volatility, low trading volume, and a lack of clear regulations. Kay stated:

The principal issue is manipulation, as they see that the crypto market is unregulated and does not exchange on regulated buying and selling platforms.

Kay additionally explains that not tons has modified between Jay Clayton's tenure and the modern-day administration of Gary Gensler.

Kay defined that the Bitcoin ETF is now not truely a priority for Gensler, which is targeted on protecting investors and regulating markets such as meme coins, Robinhood and the like...

He advised Kay that he's now not totally pessimistic, admitting that he hopes that at some point, some candidates will be in a position to fulfill the SEC, commenting:

We agree with the Bitcoin ETF is top for the market, and it will.

IMG Credit

Posted via proofofbrain.io