No Consent for BTC ETF Anytime Soon

No Consent for BTC ETF Anytime Soon

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.

It’s very difficult for the commission to wrap their heads around a positive approval because there’s no data yet… the markets just aren’t here.

Reggie Browne

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.

The biggest use for blockchain will be in mortgages, mortgage applications, mortgage ownership, anything’s that labored with paper.

Larry Fink

SEC Rulings on ETF Proposals

In the past the SEC will review its rejection of the ETF proposal from the Winklevoss twins, and has denied nine other applications. The regulatory body has yet to find the right BTC ETF pitch.

Bitcoin

BTC
Price
8,744 USD -2.40%
Volume, 24h
3,497,717,274 USD
0.00%
Marketcap
153,922,072,217 USD
56%
Emission
84%

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