Timothy Massad, who served as the chairman of the U.S. Commodity Futures Trading Commission from 2014 to 2017, explained why he believes that regulators should approve Bitcoin exchange-traded funds.
In a commentary published by Bloomberg on Wednesday, Massad Say The Securities and Exchange Commission, or Securities and Exchange Commission, The Bitcoin ETF should be approved in a way that improves the transparency and integrity of the emerging cryptocurrency industry. In this way, investors can access digital assets without buying from exchanges or worrying about self-custodial.
Masad stated that the ideal way to approve Bitcoin ETFs will start with a stronger cryptocurrency regulatory framework. However, he admitted that “the possibility of this happening in the near future is very low.” Interview with Cointelegraph in FebruaryMassad described the US encryption regulations as “Swiss cheese” or full of loopholes.
Massad stated that in the absence of comprehensive supervision, the SEC can use the ETF listing process to improve the integrity of cryptocurrency exchanges.
He wrote: “The condition of approval is that the ETF price is based on an exchange index that meets certain prescribed standards, similar to an index on a securities and derivatives exchange.”
Due to concerns about liquidity, transparency, and thorough price manipulation, US securities regulators have been hesitant to approve Bitcoin ETFs. Several ETFs have been submitted to the US Securities and Exchange Commission, and each ETF has been sent back to the issuer for review.The U.S. Securities and Exchange Commission is A few applications are currently being reviewed And has invited public comment Prospectus submitted by VanEck, an asset management company.
According to at least one subject matter expert Todd Rosenbluth, It will take at least one year for a Bitcoin ETF to be approvedCFRA’s head of ETF and mutual fund research told CNBC in April that regulators are unlikely to approve ETFs in the near future.
North of the Canadian border, regulators have approved multiple Bitcoin ETFs, and early trends seem to indicate that these products are very successful.This Purpose Bitcoin ETF continues to attract investment Although the price of Bitcoin has corrected sharply since May.