Chief managing Director of Cantor Fitzgerald’s Reginald brown said that the Commission on securities and stock exchanges (SEC) the US will not approve an application to open a Bitcoin exchange-traded funds (ETFs) until then, until a clear legislative framework governing kriptonyte.
At the conference on financial markets brown also noted:
“The SEC cannot take a positive decision on the applications for the opening of a Bitcoin ETF due to the complete lack of data on the market of cryptocurrency funds. The market of digital assets not yet ready for ETF”.
Exactly the same opinion about the cryptocurrency market shared chief Executive Director of investment company BlackRock Larry Fink. In his opinion, kryptonyte lacks legitimacy and therefore she has not “ripe” for exchange-traded funds. November 1, Fink spoke at a conference in new York, where stated the following:
“Cryptocurrency ETF should be approved by the government. I don’t think the authorities will allow the creation of ETFs, yet they did not have confidence in the reliability of the cryptocurrency market.”
The SEC has not yet endorsed any application for the opening of a Bitcoin ETF. His decision to the members of the Commission explained the volatility of the cryptocurrency market, specifying, in particular, a high volatility of BTC exchange rate and the possibility of manipulating the value of the coin. It is important to note that not all shared the enthusiasm of the supporters of the Bitcoin ETF. Some believe that exchange traded funds would be detrimental to the market, for example, financial whales (the same BlackRock, which manages assets of $6 trillion) can speculate on the BTC exchange rate, using the schema dump and pumps that will lead to a complete destabilization of the market.