The United States’ Securities and Exchange Commission [SEC] is in the news yet again after it delayed a decision on VanEck’s Bitcoin ETF proposal. Following the development, many in the cryptocurrency community shared their lack of surprise, suggesting that until The Token Taxonomy Act was passed, regulatory watchdogs would continue to delay ETF proposals.
Dave Nadig, the Managing Director of ETF.com, however, is positive about the outcome. In a conversation with CNBC, Nadig noted that despite delays and deadlines, SEC held the ultimate power. He said,
“SEC can still do what they want and kick the can down the road”
Nadig believes that even as things are “pointing towards a positive resolution for Bitcoin bulls,” it is “not imminent.” However, he added that he expects a positive outcome on these proposals by the end of this year.
Issues concerning the safety of custody, manipulation of trading taking place outside the country, and liquidity, have all been addressed in the document pages of the ETFs filed and sent to the SEC for approval, explained Nadig.
However, contrary to the belief of much of the crypto-verse, he believes that the regulatory agency is still in an “information gathering mode” and hence, would take some time to give a green signal to the proposals.
Talking about the recent spur in institutional movement, he said,
“We need to see the market mature for the regulators to get more comfortable.”
The regulators have not approved any Bitcoin ETF so far. In the past, the SEC had rejected several ETF proposals, while the ones before it being repeatedly postponed, with the SEC citing various concerns.
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