The senior director of the ETF claimed that regulators may not give approval to the crypto ETFs products soon because there is a lot of regulatory uncertainty.
In the last week, there was a very big indication in the crypto market to follow the bull run season and the whole credit was going for the Gary Gensler statement (they will not ban crypto) and second thing was Bitcoin Futures ETF approval in October.
The United States Securities and Exchange Commission said that they are aware about the ETFs application and also they know applications needed approval. And through other statements, they claimed that they will investigate & approve applications by 18 October.
But the latest statement of Todd Rosenbluth, in an interview with CNBC, the senior director of ETF and mutual fund research at research firm CFRA, indicates that there are rare chances for the approval of Bitcoin Futures ETF Products by this year.
According to Todd, there is an unclear regulatory framework and that can cause further delays in the approval of the applications. Todd also claimed that the SEC will not deny to approve the applications but they will kick down with the name of occasions. And there are also huge chances that they will try to avoid the occurrence of “first mover advantage”.
“It’s possible — in fact, we think it’s likely — that we’re going to see a delay of a Bitcoin futures ETF until 2022, until the regulatory environment is more clear.”
Jan van Eck, Van Eck Associates CEO, also stated on this matter regarding the nuclear regulation situation by the SEC. Eck took the reference of Coinbase’s lending product, and claimed that SEC wants more control over crypto trade.
According to Eck, SEC have big problems regarding the ETFs based operations because of the actual bitcoin price and Bitcoin contracts future price.
Read also: Coinbase Plans to launch NFTs marketplace