Bitcoin Exchange Traded Fund Will Be Approved According To Browne
The godfather of ETFâs, also known as Reggie Browne has said that the Bitcoin Exchange Traded Funds wonât be certified any time soon. Is was reported by Business Insider yesterday, Browne is a senior managing director and the head of ETF trading at the financial services firm Cantor Fitzgerald.
The company was founded at the end of World War Two and focuses on institutional equity, trading and fixed income sales. The firm reportedly has over five thousand institutional customers includes investment banking, commercial real estate and prime brokers.
Browne sat down at the Georgetown Universityâs Financial Markets Quality Conference in the US capital and he allegedly said that the Bitcoin ETFs will be approved only after the development of a strong regulatory framework within the space.
Whilst discussing the current state of Bitcoin ETFs, Browne stated that:
"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 ETFâs will ultimately have to be backed by a government and that the government wonât 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:
âFollowing 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.â
Especially the rejected by the SEC for crypto ETF applications due to âpeople 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 âthe record before the Commission does not support such a conclusion.â
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