The SEC chairman talked about the ETF filings and claimed that they are aware about the demand of the Bitcoin ETF and it is because of the ETFs availability in other countries.
There are around 15 Bitcoin ETF applications waiting for the SEC. The SEC Authorities are also aware about this matter but their statements indicate that they want to take more time to think about it more deeply because they know that demand is high because outside of the US, there are many countries which have Bitcoin ETFs. In actual they have tension about the long term custody growth of ETFs in Bitcoin. While SEC published notice for 4 firms to give their decision whether they will give approval or not for Bitcoin ETFs.
Recently, Speaking in the Financial Times’ “Future of Asset Management North America Conference, Gary Gensler, chair of Securities Exchange and Commission of the United States, stated that “he looks forward to “staff’s review of such filings.”
In The very starting Gary considered the example of Chicago Mercantile Exchange, regarding the mutual fund Bitcoin ETFs based on the huge inflow of the funds, and said that they are skeptical about the investors protection in the long term.
Through this statement, Gary Gensler tried to indicate that there is no future for bitcoin or regulators will impose very high restrictions on the crypto and Bitcoin Market that may result in big problems for Bitcoin ETFs products based firms and also will affect the investors’ investment in ETFs based products.
Further Gary Added that they are aware about the demand of Bitcoin ETFs. Because other countries had such kinds of things.
Crypto ETFs based products filling are continuously going on with the SEC, but still the SEC is going slowly step by step with regulation and ignorance.
Recently, Fidelity investment firm held a private meeting with the SEC to approve its ETF. In the meeting executives of the Fidelity firm pointed out many facts which indicate how much the need of ETFs is in the present time.