The cryptocurrency market could finally get approval from the Bitcoin ETF, although regulators need more time.
“We believe that a Bitcoin ETF is a matter of timing, not case,” said Michael Sonnenshein, managing director of Grayscale Investments, Anthony Pompliano, co-founder of Morgan Creek Digital in an interview on July 15th. “Regulators have done a fantastic job of being ahead of the rest of the digital currency asset class.” added.
The crypto space is moving fast
Explain how fast the digital world of cryptocurrencies is moving, Sonnenshein described the clarity with which the U.S. regulators had made their proactivity available to the industry.
“In fact, there are opportunities to work with asset class regulators within existing frameworks, but they are not yet ready to approve an ETF.” he explained.
Many failed attempts by a Bitcoin ETF
A Bitcoin ETF that provides investors and traders with access to Bitcoin in the major financial markets has escaped the crypto space several times in recent years. The U.S. Securities and Exchange Commission has refused numerous attempts by various companies to use such a product.
“I think they were pretty explicit about wanting to see some dynamic in themselves by making the market a little more mature.” Sonnenshein said: through U.S. regulators.
Looking at examples, Sonnenshein added:
“Things like maybe a more global bitcoin order book, maybe things like stock exchange surveillance, maybe a little bit more regulation and supervision in the different markets and places where digital assets are traded.”
Reasons that prompted the SEC to reject previous applications for a Bitcoin ETF include the lack of evidence against market manipulation and confirmation of the size of the Bitcoin market.