Osprey Funds CEO claims United States will certainly accept Bitcoin ETF in 2022 ‘at earliest’

Greg King, CEO of Bitcoin trust fund provider Osprey Funds, assumes the U.S. SEC has way too many points on its plate this year to reach the concern of crypto ETF authorizations.

Osprey Funds CEO says US will approve Bitcoin ETF in 2022 ‘at earliest’

The CEO of Osprey Funds– the provider of non-prescription Bitcoin trust fund OBTC– isn’t holding his breath for a Bitcoin (BTC) exchange-traded fund (ETF) authorization in the United States this year.

Speaking to Yahoo Finance’s Jared Blikre and also Seana Smith on July 19, Greg King claimed he thinks that the U.S. Securities and also Exchange Commission (SEC) under the management of Gary Gensler has a lot of points on its plate in 2021 that a BTC ETF authorization is not likely to make it.

King remembered the buzz in the crypto market bordering Gensler’s visit, that, while relatively noncommittal in his declarations concerning crypto policy so far, is nevertheless widely known for his job training training courses on blockchain at the Massachusetts Institute of Technology in recent times.

“You saw a flurry of filings, from established companies to sort of newcomers, chasing that Bitcoin ETF idea,” claimedKing The CEO has himself remained in discussion with SEC team for a number of years, as Osprey– the moms and dad company of Osprey Funds– had actually declared its very own Bitcoin ETF back in 2017. King said:

“If a Bitcoin ETF is coming through the Gensler administration, my view is it’s not going to happen this year […] There’s also been quite a bit of sort of a body of language and rhetoric and points that have been made by the staff with previous applications that need to be addressed. And so this isn’t a slam dunk.”

Disappointed assumptions of a “slam dunk” might, in addition, have actually contributed on the market’s modification this summer season, with King asserting that the “market’s partially calibrating” to these stress.

While for King, the high variety of Bitcoin ETF applications in the U.S. previously in the year fed right into Bitcoin’s remarkable 2021 bull run, with their delaying later on adding to a decline, he likewise included that current hawkish regulative statements in the U.S. concerning exclusive stablecoins has actually not been “particularly helpful for Bitcoin or Ethereum.”

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This week, U.S. Treasury Secretary Janet Yellen has actually informed participants of the President’s Working Group on Financial Markets– a.k.a the “Plunge Protection Team”– that the federal government should act promptly to develop a regulative structure for stablecoins. Earlier this year, Yellen had actually likewise advised that the misuse of crypto has actually been an ever-growing issue.

Over at the Federal Reserve, Jerome Powell has actually resembled Yellen’s phone calls, claiming that if stablecoins are “going to be a significant part of the payments universe, then we need an appropriate regulatory framework which, frankly, we don’t have.”

Related: Grayscale ‘100% committed’ to transforming GBTC right into Bitcoin ETF– CEO

Looking at this landscape– and also considered that crypto ETFs have actually currently been authorized in Canada, Europe and also various other territories– King claimed that the U.S. is “decidedly behind” however that “that’s obviously by choice”:

“I think they’re thinking about this, if I had to guess, more holistically, beyond just whether a Bitcoin ETF makes sense or not at this point, but really, more along the lines of what precedent are we going to set when we approve one.”

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