WisdomTree Investments CEO Jonathan Steinberg believes that the US Securities and Exchange Commission will inevitably approve Bitcoin ETFs soon.
How
informs edition of ZyCrypto, he announced this in a speech at the recent Digital Asset Summit hosted by Blockworks. Jonathan Steinberg said blockchain technology and cryptocurrencies have the potential to revolutionize the traditional financial sector in the same way that exchange-traded funds (ETFs) have done. Talking about cryptocurrency ETFs, Steinberg suggested that American regulators have already become aware of their potential, the delay in approving them only harms investors and does not protect their interests.
Last week, the SEC approved the launch of an ETF, which includes shares of about 30 companies that invest in bitcoin. Many participants in the cryptocurrency market consider this a good sign, signaling that the department is gradually changing its attitude towards cryptoassets.
“The SEC is beginning to understand that the abandonment of Bitcoin ETFs is forcing investors to turn to unregulated structures, and this can have negative consequences for them. There should be clear rules that will protect investors and allow the cryptocurrency industry to flourish, ”Steinberg said.
Bloomberg analyst Mike McGlone is of the same opinion. He is confident that due to the growing number of applications for opening cryptocurrency ETFs and the increasing demand for these investment products among investors, the Commission may make concessions and approve the launch of a Bitcoin ETF. However, the SEC has not yet made a final decision on this issue, so it postponed the consideration of applications from companies several times.
We will remind, the CEO of Pantera Capital Dan Morehead (Dan Morehead) fears that if the ETF on bitcoin is really approved in the United States, it may have a negative impact on the bitcoin rate.
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