Reggie Browne of Cantor Fitzgerald says Bitcoin exchange-traded funds will not likely be approved in the near future, while Larry Fink of BlackRock hopes for a legitimate crypto industry
Browne, who is apparently called the godfather of ETFs, pronounced that an ETF approval for Bitcoin and its asset class will happen only if a solid regulatory framework is in place. At DC’s Georgetown University's Financial Markets Quality Conference, he attributes the non-approval to the the lack of available data.
BlackRock Awaits Legitimization
According to Larry Fink of BlackRock, an investment management company, the company will not have a Bitcoin ETF until it is legitimate and backed by the government.
He points out that cryptocurrencies are anonymous and was made to sidestep government institutions and banks. These characteristics present a barrier to having proper regulations.
In contrast to his cautious perspective on cryptocurrencies, Fink is enthusiastic about its underlying technology and its use case.