On July 19th, Greg King was interviewed by Jared Blikre and Seaa Smith of Yahoo Finance Say He believes that the US Securities and Exchange Commission (SEC) under the leadership of Gary Gensler has a lot to do in 2021, and the approval of the BTC ETF is unlikely to succeed.
King recalled the hype surrounding Gensler’s appointment in the crypto industry, although he was fair No comment in his statement on cryptocurrencies The supervision so far is still based on his Work Teaching Course In recent years, he has studied blockchain at the Massachusetts Institute of Technology.
“You have seen a series of applications, from mature companies to newcomers, all chasing the idea of a Bitcoin ETF,” Jin said. Since Osprey, the parent company of Osprey Funds, applied for its own Bitcoin ETF as early as 2017, the CEO himself has had many years of dialogue with the staff of the US Securities and Exchange Commission. Jin argued:
“If the Bitcoin ETF passes the Gensler government, I don’t think it will happen this year […] There are still quite a lot of language and rhetoric, as well as the staff’s points raised in the previous application that need to be resolved. So this is not a dunk. “
In addition, the disappointment of the “slam dunk” may have played a role in the market adjustment this summer, and Jin claimed that the “market partially calibrated” these setbacks.
For King, the large number of Bitcoin ETF applications in the United States earlier this year contributed to the extraordinary bull market for Bitcoin in 2021, and its stagnation has led to a downturn, but he also added that there have been no recent strong regulatory comments on private stablecoins in the United States. “It is especially helpful for Bitcoin or Ethereum.”
This week, U.S. Treasury Secretary Janet Yellen told members of the President’s Financial Markets Working Group (also known as the “Plump Protection Group”) that the government must act quickly to establish a regulatory framework for stablecoins.Earlier this year, Yellen also warned that abuse Encryption has always been a growing problem.
At the Fed, Jerome Powell responded to Yellen’s call, stating that if stablecoins “will become an important part of the payments sector, then we need an appropriate regulatory framework, and frankly, we don’t.”
Considering this situation-given that crypto ETFs have already been approved in Canada, Europe and other jurisdictions-Kim stated that the United States is “absolutely behind”, but “this is clearly voluntary”:
“I think they are considering this issue. If I have to guess more fully, it is not just whether the Bitcoin ETF makes sense at this point, but in fact, it is more of a precedent that we will set. Approve one. “