Greg King, CEO of Bitcoin belief issuer Osprey Funds, thinks the U.S. SEC has too many issues on its plate this twelve months to salvage to the topic of crypto ETF approvals.
The CEO of Osprey Funds — the issuer of over-the-counter Bitcoin belief OBTC —isn’t holding his breath for a Bitcoin (BTC) replace-traded fund (ETF) approval in the US this twelve months.
Talking to Yahoo Finance’s Jared Blikre and Seana Smith on July 19, Greg King said he believes that the U.S. Securities and Alternate Commission (SEC) under the management of Gary Gensler has so many issues on its plate in 2021 that a BTC ETF approval isn’t any longer going to salvage the minimize.
King recalled the hype in the crypto replace surrounding Gensler’s appointment, who, whereas fairly noncommittal in his statements about crypto regulation so some distance, is however famend for his work educating applications on blockchain on the Massachusetts Institute of Technology in most up-to-date years.
“You saw a flurry of filings, from established corporations to kind of learners, chasing that Bitcoin ETF thought,” said King. The CEO has himself been in conversation with SEC workers for several years, as Osprey — the parent company of Osprey Funds — had filed for its accept as true with Bitcoin ETF abet in 2017. King argued:
“If a Bitcoin ETF is coming thru the Gensler administration, my query is or no longer it is no longer going to happen this twelve months. […] There’s moreover been moderately fairly of kind of a body of language and rhetoric and components that were made by the workers with old applications that need to be addressed. And so this isn’t any longer a slam dunk.”
Disappointed expectations of a “slam dunk” would possibly, moreover, accept as true with played a feature available in the market’s correction this summer, with King claiming that the “market’s in part calibrating” to those frustrations.
While for King, the excessive option of Bitcoin ETF applications in the U.S. earlier in the twelve months fed into Bitcoin’s unprecedented 2021 bull move, with their stalling later contributing to a downturn, he moreover added that most up-to-date hawkish regulatory remarks in the U.S. relating to inner most stablecoins has no longer been “particularly handy for Bitcoin or Ethereum.”
This week, U.S. Treasury Secretary Janet Yellen has told members of the President’s Working Team on Monetary Markets — a.k.a the “Descend Security Team” — that the government need to act rapidly to set aside a regulatory framework for stablecoins. Earlier this twelve months, Yellen had moreover warned that the abuse of crypto has been an ever-increasing difficulty.
Over on the Federal Reserve, Jerome Powell has echoed Yellen’s calls, asserting that if stablecoins are “going to be a well-known portion of the funds universe, then we would favor an appropriate regulatory framework which, frankly, we don’t accept as true with.”
Having a gaze at this landscape — and provided that crypto ETFs accept as true with already been current in Canada, Europe and assorted jurisdictions — King said that the U.S. is “decidedly on the abet of” however that “that’s obviously by option”:
“I suspect they’re inquisitive about this, if I had to wager, more holistically, past right whether or no longer a Bitcoin ETF makes sense or no longer at this level, however actually, more along the lines of what precedent are we going to express after we approve one.”
