According to Business Insider’s November 1 report, ETFs godfather Reggie Browne said that bitcoin (BTC) exchange-traded funds (ETFs) will soon be certified. Browne is a Senior Managing Director and Head of ETF Trading at financial services company Cantor Fitzgerald.
Founded in 1945, Cantor Fitzgerald focuses on institutional equity, fixed income sales, and trading. According to reports, the company has more than 5,000 institutional clients, including investment banking, prime brokerage, and commercial real estate.
According to reports, Browne said at the Georgetown University Financial Market Quality Conference in Washington, DC that bitcoin ETFs will only be approved if they establish a strong regulatory framework within the industry. Regarding the current status of Bitcoin ETFs, Browne stated:
“Because there is no market data support yet, it is difficult for the US Securities and Exchange Commission (SEC) to actively approve Bitcoin ETFs.
Earlier today, Larry Fink, CEO of investment management firm BlackRock, also made a similar statement. When it comes to the future of cryptocurrency ETFs, Fink said that ETFs will eventually receive government support, and unless the government knows that these funds are not being used for illegal activities, the government will not green light these financial instruments.
After the US SEC repeatedly publicly rejected the Bitcoin ETF application, Bill Barhydt, CEO of cryptocurrency payment startup Abra, pointed out that so far, the SEC rejected the cryptocurrency ETF because the cryptocurrency industry did not meet the application criteria. In particular, the SEC has rejected applications for cryptocurrency ETFs because those applicants do not comply with the SEC’s approval method.
In August of this year, the SEC temporarily rejected the listing of nine Bitcoin ETFs from three companies, ProShares, Direxion and GraniteShares. Previously, the SEC also rejected Bitcoin ETF applications from the Tyler Winklevoss and Cameron Winklevoss brothers. The SEC subsequently defended its refusal and stated that the records received by the Commission did not support such a conclusion.