ETF Godfather: BTC-ETF Won’t Get SEC Support Any Time Soon

November 6, 2018

Reggie Browne, Реджи Браун, senior managing director at Cantor Fitzgerald, also known as “godfather of ETFs” said that you needn’t wait the SEC approving of Bitcoin-ETF in the upcoming future.

During his recent speech at the Financial Markets Quality conference in Georgetown University Browne claimed that registering BTC-ETF will start only after they get sound legislative framework by the regulator.

“It's very difficult for the [Securities and Exchange Commission (SEC)] to wrap their heads around a positive approval because there's no data yet ... the markets just aren't here”.

Note that a little earlier similar statement was voiced by the BlackRock CEO Larry Fink. While answering the question on the future of Bitcoin-ETF Fink said that this domain needs state regulation and authorities won’t provide support to these financial instruments until they are convinced they are not used for criminal purposes.

Remember that this August the SEC declined 9 Bitcoin-ETF registering applications by ProShares, Direxion, and GraniteShares with two more similar requests by the Winklevoss twins refused earlier as well.

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