The US Securities and Exchange Commission website is full of bankrupt cryptocurrency funds, but this year, after Canada’s leadership, there may already be a US-registered fund that tracks digital assets.
Bitcoin (BTC) eventually surged, and the SEC has a new head of cryptocurrencies, and Canada, which US regulators sometimes consider a beta testing ground, debuted at the end of February with the Bitcoin ETF that most people thought was incredibly popular. . But does crypto ETF really mean anything?
Clearly a lot has changed over the past year – what about the global pandemic, the change of administration in Washington, and the new price records that are regularly set on the cryptocurrency front. While many expected again in June 2020 that a SEC-accredited ETF would be a very “big deal” and “open the gates” to adopting BTC, and the crypto ETFs are now on the edge of a precipice, some observers are not yet sure right Now. …
“I used to think this would be a game changer, but now I think it will be just a step forward in the crypto space,” Reyners, chief executive of the Global Financial Markets Center at Duke University School of Law, told Cointelegraph.
Eric Irwin, Blockforce Capital and Reality Shares CEO and co-founder of Onramp Invest, told Cointelegraph, “I think the crypto ETF is less important than we thought before, because so many institutional investors are finally tired of waiting and finding out.” It was Erwin. One of the dozens of filings rejected by the SEC – the Reality Shares ETF Trust file was withdrawn in February 2019, “following a recommendation from the SEC.” Meanwhile, Irwin admitted, “There are still a large number of investors. Margin, who can welcome this investment option.
Meanwhile, applications to the US agency are ongoing. Recently, the Chicago Board of Options exchange requested approval for the listing of the Bitcoin ETF offered by asset manager VanEck.
State Street Corporation – one of the largest directors in the world with $ 38.8 trillion in trusteeship and / or administrative assets – would serve the VanEck ETF if approved. Nadine Shukr, President of State Street Global Markets, told Cointelegraph that the company is working to bring ETFs and listed banknotes into the Europe and Asia Pacific markets, adding that “our clients have seen an increase in interest in Bitcoin and […] there is a feeling that the market is maturing In fact, in the three years since the start of 2018, when interest in Bitcoin reached its peak:
“They believe that the market is becoming more efficient, that cryptocurrency deposit solutions have evolved to offer them the best security, and regulatory clarity has increased, as we have seen in recent OCC [Office of the Comptroller of the Currency] announcements.”
More success in 2021?
However, has the climate of the ETF changed in Washington? Michael Venuto, co-founder and chief investment officer of Toroso Investments, told Cointelegraph, “I think the odds of being approved for a US Bitcoin ETF are higher than they have been in previous years.” He said improved cryptocurrency monitoring and reporting and transaction transparency have calmed many regulatory concerns, and “the fact that BNY Mellon announced its move to crypto monitoring the same day that the Bitcoin ETF was approved in Canada is not random.”
“Investors are looking at the United States as the next potential market for ETFs in tracking digital assets,” FTSE Russell, the London Stock Exchange subsidiary that produces stock market indices, wrote in a recent blog post, “speculation has ramped up. Lately – weeks since launch. The first for Bitcoin ETF in Canada, joining ETP listings for cryptocurrencies in Germany and Switzerland, and the continued popularity of the Grayscale investment fund tracking this market.
Regarding Gary Gensler’s nomination to head the Securities and Exchange Commission, Irwin, who agreed that the prospect of US regulators approving a Bitcoin ETF this year, “has great significance in promoting innovation in the US financial markets,” added an increase. he added:
“As a former CFTC chairman, Gensler understands the importance of financial innovation, but also respects the potential damage that unregulated markets cause.”
Reyners noted that based on what the SEC recently said about ETFwise – which isn’t much – it looks like the US crypto ETF has never been closer than a year ago. However, when he takes a broader view of the maturity of the cryptocurrency market and subsequent institutional interest, he believes that “the SEC will find it difficult to keep saying no.”