Brian Kelly, the founder and CEO of BKCM LLC, has bad news for crypto investors which were eager to see the Bitcoin exchange-traded fund (ETF) being approved by the U. S. Securities and Exchange Commission (SEC) so soon. According to a recent interview to CNBC’s Crypto Trader show, Kelly believes that there is a very slim possibility that we will end up seeing a Bitcoin ETF this year.
Due to the government shutdown caused by the president of the U. S., Donald Trump, the VanEck team was afraid that the ETF would “slip through the cracks”, so they retired their proposal. As soon as the government went back to normal, they reapplied.
The VanEck Bitcoin ETF is the most eagerly awaited ETF, so all crypto traders are putting their hopes on their basket. If the VanEck ETF fails, the industry will have to go look elsewhere.
According to Brian, the main reason for the crypto industry not seeing the ETF so soon is because the world currently lacks an international crypto exchange that is already regulated by the SEC. He affirmed that the SEC has already made it clear before that they will only approve ETFs when a company with global reach in this market that would be regulated by them existed.
This is, unfortunately, a major problem, as no such thing currently exists and even the companies that have some potential like the U. S.-based Coinbase are still far from being the company that the SEC needs.
Brian has affirmed that the leading crypto exchange in the country is “apparently not good enough” for the SEC, because the ETF would already be here if it was. However, the did not affirm whether he thought that Coinbase would be enough one day or not.
According to him, the U. S.-based regulatory body is looking for something more like Nasdaq or even Bakkt, the upcoming platform of the Intercontinental Exchange (ICE). In fact, Bakkt would be the most probable candidate as the company is owned by another one which is already very respected in the financial world.
The World Does Not Even Need The ETF, Brian Affirms
Surprisingly, Brian does not believe that the world actually needs the ETF at the moment. According to him, the investors should have the ability to invest in Bitcoin right. To him, this means that you should either buy it via Coinbase or a similar company or to buy your Bitcoin and hold your own private keys for it.
Despite affirming this, he does not believe that the market will simply give up on the Bitcoin ETF so soon, which makes sense, as the market is already focused on this idea for quite a lot of time now.
Brian bets that the ETF will be finally approved in 2020. According to him, it may happen sooner, but that is not very likely, which makes him very confident that 2020 will be the year of the so awaited Bitcoin ETF.
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