The CEO of Osprey (a Bitcoin-based trust issuer firm), Greg King, suggests that there are many other things to be managed by the Securities and Exchange Commission (SEC) of the United States before approving the ETF of BTC (Bitcoin). He is not so sure about the approval of BTC ETF (exchange-traded fund) to be issued this year.
Greg King, while appearing in an interview conducted by Yahoo Finance on 19th July, stated that according to him SEC of the United States, under Gary Gensler’s leadership, has a lot of things to be carried out during 2021 and the approval of BTC ETF is unlikely to be made in this time. Greg recollected the hype created in the industry of cryptocurrency as Gensler was appointed as the chairman of SEC. He added that Gensler is a well well-known person in terms of his teaching courses, given at MIT (Massachusetts Institute of Technology) in previous years, related to working on blockchain and noncommittal statements regarding the regulation of cryptocurrency till this time.
He further mentioned that an uncountable number of filings are being submitted by the newly established companies that are following the ETF concept of Bitcoin. Moreover, he disclosed that he has been in contact with the staff of SEC since the time he filed for Bitcoin ETF of Osprey Funds in 2017. However, the rhetoric, body of language, and the other points that the staff made about the previous application require attention by signifying that his application would also be reciprocated with the same responses.
According to him, the tremendous performance of BTC in 2021 is credited to a significant number of applications for BTC ETF during the early phase of the current year. Moreover, he revealed, the previous strict regulatory comments regarding stablecoins by the United States authorities have not been assistive for Ethereum (ETH) or Bitcoin (BTC). This week, Janet Yellen (the Treasury Secretary of the United States) has asked the participants included in the President’s team working on the Financial Markets that there is a need for authorities to immediately establish some sort of regulatory plan dealing with stablecoins. She had also cautioned recently this year that the exploitation of digital currency has been a constantly increasing problem.
King concluded by describing that Europe, Canada, and the other authorities have already approved crypto ETFs, and the United States is lagging behind; however, it seems to be done by choice.