Steven McClurg shared with journalists his opinion on the development of spot ETFs for bitcoin. The US Securities and Exchange Commission (SEC) opposes their launch, despite the fact that Canada and Brazil approved such investment products back in 2021. McClurg noted that the Canadian regulator also took a long time before making this decision.
The two main hurdles preventing U.S. regulators from approving spot cryptocurrency ETFs are custody issues and market manipulation. The first task could be easily solved if it were not for the fiasco of the FTX crypto exchange, the head of Valkyrie Investments believes. Regulators have taken a step back as there is an urgent need to review custodial services. As for the second point, about market manipulation, McClurg believes these fears are unfounded, since bitcoin ETFs in Canada are functioning successfully.
Despite the lack of spot Bitcoin ETFs in the US, US citizens can access these products in Canada through brokerages, McClurg said. A top manager at Valkyrie Investments noted that many lawmakers, especially in the US House of Representatives, are willingly supporting laws that make it easier to launch Bitcoin-pegged ETFs. However, McClurg isn’t sure if they will be available in the US anytime soon.
“We believe that we will be able to move bitcoin traded funds either under a new post-election administration or through legislative action,” said Valkyrie Investments top manager.
In February last year, the SEC authorized the launch of the Valkyrie Bitcoin Miners ETF, which invests in mining companies. In May, the agency approved an application by Valkyrie Investments to create a bitcoin futures ETF.
Source: Bits
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