The founder of Vault Equity believes that US regulators are approving pure Bitcoin (Bitcoin) Related exchange-traded funds (ETF).
Tad Park, CEO and founder of Vault Equity, expressed his support for the U.S. Securities and Exchange Commission (SEC) because the committee is unwilling to approve ETFs that directly track Bitcoin.
In the Fox Business interview on Tuesday, Parker debate The chairman of the U.S. Securities and Exchange Commission Gary Gensler “Actually supports Bitcoin”, but his views on U.S. cryptocurrency regulation are also “a bit misunderstood.”
Park specifically mentioned the SEC’s concerns about investor protection that crypto custodian providers have not yet assured the committee that they can actually ensure proper asset protection:
“I can say’I have a gold ETF or a Bitcoin ETF’, but I store the gold in the basement. Will the SEC allow it? Probably not. Unless the company can prove that they can keep it and actually resolve many of the things Gansler specifically mentioned Problem, otherwise it won’t work.”
The chief executive added that “at least half” of the cryptocurrency ETF applications currently filed with the SEC are “not even valid” because “they have not resolved the issues that Gary Gensler said.”
Park emphasized that Vault Equity’s encrypted ETF does not provide direct exposure to Bitcoin, but tracks major Bitcoin-related companies, including Bitcoin mining companies such as MicroStrategy, Tesla, Twitter, Square, and Bitfarms.
“We are trying to understand what people are actually looking for, which is related to Bitcoin’s price movement. These companies are really focused on Bitcoin and get most of their revenue and income from Bitcoin. They tend to follow Bitcoin’s price changes. It makes sense,” Park pointed out.
Vault Equity was approved on October 1st Volt Crypto Industry Revolution and Technical ETF Tracking “Bitcoin Industry Revolution Company”, a series of companies that hold most of their net assets in Bitcoin, or most of their income comes from Bitcoin mining, lending or trading.
The US Securities and Exchange Commission has not yet approved a pure Bitcoin ETF. On October 1, the U.S. Securities and Exchange Commission Extends the deadline for four Bitcoin ETFs Including Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF. In August, SEC Chairman Gensler recommended that regulators May be open to approving Bitcoin futures ETF.