‘Godfather of ETFs’ Says Bitcoin Exchange-Traded Funds Will be Approved ‘No Time Soon’

The “godfather of ETFs” Reggie Browne mentioned that Bitcoin ETFs shall be accepted “no time soon,” talking at Georgetown University’s Financial Markets Quality Conference.

Reggie Browne, the so-called “godfather of ETFs,” mentioned that Bitcoin (BTC) Exchange-Traded Funds (ETF) shall be licensed “no time quickly,” Business Insider reported Nov. 1. Browne is a senior managing director and head of ETF trading at monetary providers agency Cantor Fitzgerald.

Founded in 1945, Cantor Fitzgerald focuses on institutional fairness, mounted earnings gross sales, and trading. The firm reportedly has over 5,000 institutional purchasers, which incorporates such fields as funding banking, prime brokerage, and industrial actual property.

Speaking at Georgetown University’s Financial Markets Quality Conference in Washington D.C., Browne reportedly mentioned that BTC ETFs shall be accepted solely after the event of a powerful regulatory framework within the trade. Addressing the present state of BTC ETFs, Browne said:

“It’s very difficult for the [Securities and Exchange Commission (SEC)] to wrap their heads around a positive approval because there’s no data yet … the markets just aren’t here.”

Earlier at present, the CEO of funding administration company BlackRock Larry Fink made an identical assertion. When commenting on cryptocurrency ETFs’ future, Fink claimed that ETFs “finally” must be backed by a authorities, and {that a} authorities is not going to greenlight such a monetary devices until it knew the funds weren’t getting used for illicit actions.

Following some extensively publicized rejections of BTC ETF functions by the U.S. SEC, the CEO of crypto cost startup Abra Bill Barhydt urged that the explanation the SEC has insofar denied crypto ETFs is as a result of the crypto trade doesn’t match the applicant archetype. In specific, the SEC has rejected crypto ETF functions as a result of “people who find themselves doing the functions do not match mould of who the SEC is used to approving.”

In August, the SEC briefly rejected 9 functions to record and commerce varied BTC ETFs from three corporations, together with ProShares, Direxion, and GraniteShares. The regulator beforehand denied the appliance for a BTC ETF by brothers Tyler and Cameron Winklevoss. The SEC then justified its rejection by saying that “the report earlier than the Commission doesn’t help such a conclusion.”

Original supply: https://cointelegraph.com/news/godfather-of-etfs-says-bitcoin-exchange-traded-funds-will-be-approved-no-time-soon

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