Former Commodity Futures Trading Commission (CFTC) Chairman Timothy Massad explained the SEC could use the ETF’s approval approach to enhance the integrity of trading on cryptocurrency exchanges.
Massad explained a Bitcoin ETF would enable retail traders to invest in cryptocurrencies without the need of acquiring to get them in particular person and deal with the intricacies of custody.
At the exact same time, he explained the US Securities and Exchange Commission (SEC) faces a important selection on cryptocurrencies and the approval of a Bitcoin ETF. Therefore, the probability of the SEC approving an approval in the close to long term is minimal.
Massad pointed out that presently cryptocurrency exchanges are primarily unregulated and investor safety is weak.
The SEC does not have the authority to regulate these exchanges simply because the company can only regulate exchanges. Of program, Bitcoin and other extensively traded tokens are not stocks.
There have been quite a few requests for Bitcoin ETFs above the many years and to date, the SEC has almost rejected all requests. Either way, numerous cryptocurrency marketplace participants anticipate new SEC Chairman Gary Gensler, an open-minded Bitcoin enthusiast, to approve a Bitcoin ETF by the finish of the yr.
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