"It's very difficult for the Securities and Exchange Commission to wrap their heads around a positive approval because there's no data yet... the markets just aren't here."Earlier today, Laurence Fink, the CEO of the investment management corporation BlackRock made a similar statement. When he commented on the future of digital currency ETFs, the CEO claimed that ETF’s will ultimately have to be backed by a government and that the government won’t give the go-ahead for such financial instruments unless it knew the funds were not being used for any dodgy activity. As reported by CoinTelegraph:
“Following some widely publicized rejections of BTC ETF applications by the U.S. SEC, the CEO of crypto payment startup Abra Bill Barhydt suggested that the reason the SEC has insofar denied crypto ETFs is that the crypto industry does not fit the applicant archetype.”Especially the rejected by the SEC for crypto ETF applications due to “people who are doing the applications don't fit the mould of who the SEC is used to approving." Back in August, the SEC temporarily denied several applications to list and trade various Bitcoin ETFs from companies which include Direxion, GraniteShares and Proshares. Previously, the regulator rejected the application for Bitcoin ETF by the famous Winklevoss twins. The SEC has since justified its rejection by saying that the “the record before the Commission does not support such a conclusion.” What are your thoughts? Let us know what you think down below in the comments!