Scaramucci believes Gary Gensler, the SEC nominee, will approve a US Bitcoin ETF this year, remaining optimistic of the option as we are reading more in our latest Bitcoin news today.
Skybridge Capital co-founder and ex-White House staffer Anthony Scaramucci believes that we will see a Bitcoin ETF in the United States by the end of this year and he relies his belief on Biden’s choice for a new SEC chair- Gary Gensler:
“I’m hoping that with the introduction of Gary Gensler now into the regulatory rubric, and my understanding of where he’s coming from, although I don’t know it personally, is that possibly we can get an ETF in place by the end of the year.”
An exchange-traded fund will allow investors to bet on the price of BTC without buying or storing the asset similar to how gold ETFs function for the investors. The expectation is that once a BTC ETF is approved in the US, the institutional investors that are afraid of the complexity of crypto will rush in, especially since major companies are already into BTC. The SEC however turned down applications for Bitcoin ETFs in the States saying that the market is not mature enough and still very easy to manipulate.
The regulators in Canada disagree as two BTC ETFs have already been established in Canada. The SEC has entered into too many battles with the crypto industry over the past few years including the recent charges against crypto company Ripple and the ICO crackdown in 2017. But Scramaucci is not the only one that is hopeful that things will change with Gensler.
Canadian regulators also voiced their opinion saying:
“‘Well, it’s happening one way or another, we would rather have it regulated by us, and the appropriate safety seal put on it, and all the caveats. And then of course, we want to be able to tax it as well, which would be beneficial to the Canadian government.’ So, I can’t imagine that our friends north of the border are that far off from the long-term thinking of the regulators here [in the United States].”
He remains optimistic however, that ETFs are coming to the States and when they arrive, they’ll be here to stay.
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