Volt Equity founder believes US regulators have good reason to postpone approval of an exchange traded fund (ETF) with direct exposure to Bitcoin (BTC).
Volt Equity CEO and founder Tad Park expressed support for the US Securities and Exchange Commission.TO regarding the unwillingness of regulators to approve a Bitcoin ETF. In an interview with Fox Business on Tuesday, Park argued that SEC chairman Gary Gensler “is actually pro-Bitcoin,” as well as His perspective on the regulation of cryptocurrencies in the US is “a little confusing”.
Park specifically addressed the SEC’s investor protection concerns, namely that crypto custody providers have not yet given assurances to the Commission that they can provide adequate asset protection:
I can say, “I have a gold ETF or a bitcoin ETF,” but imagine keeping that gold in my basement. Would the SEC allow that? Probably not. Unless companies can prove they can protect it and actually address many of the issues that Gensler specifically mentioned, it won’t work. “
The CEO added that “at least half” of the cryptocurrency ETF applications currently filed with the SEC are “not even valid” because “they don’t take into account what Gary Gensler says”. Park emphasized that the cryptocurrency ETF from Volt Equity does not offer direct exposure to Bitcoin, Rather, it tracks the top companies correlated with Bitcoin, including MicroStrategy, Tesla, Twitter, Square, as well as bitcoin mining companies like Bit farms.
We’re trying to get what people are really looking for, which is the correlation with the price movement of Bitcoin. These companies really focus on Bitcoin and they make most of their income and bitcoin earnings. Does it make sense that they have a tendency to move? with the price of Bitcoinâ ????Park pointed out.
Volt Equity’s “Crypto Industry Revolution and Tech” EFT, approved on October 1, follows the Companies of the Bitcoin Industry Revolution, a list of companies that hold the majority of their net assets in Bitcoin and that derive the majority of their profits from Bitcoin mining, loans, or transactions.
The SEC still has to approve a Bitcoin ETF on October 1. and extended the term for four Bitcoin ETFs, including Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Cryptoin bitcoinIn August, Gensler suggested that the regulator could be open to approving a Bitcoin futures ETF.