The entire crypto market saw significant growth in terms of both price as well as market cap. Despite this surge, Bitcoin ETFs still seem to be struggling to garner approval from the United States’ prominent financial watchdog, the Securities and Exchange Commission [SEC].
Bitcoin exchange-traded funds [ETF] have seen the light of the day in various countries across the globe. However, due to the stringent laws in the United States of America ETFs are still struggling to receive approval. While crypto lovers across the globe assumed that the SEC would give Bitcoin ETF a thumbs up considering the drastic growth of the coin, a prominent analyst pointed out that this could take more than a year.
Bitcoin ETF Could Take Up To Two Years
Appearing in a recent interview with CNBC, CFRA Research’s prominent analyst, Todd Rosenbluth suggested that the SEC would be taking some more time to approve Bitcoin ETFs. While prominent platforms like VanEck, Fidelity Investments, and Valkyrie Digital Assets have laid out their proposals for the roll-out of a crypto ETF, CRFA’s head of ETF and mutual fund research asserted that these platforms would have to wait for quite a while.
“We’ve got a number of firms that have either gone through the filing process or have previously filed but are waiting for more clarity. The SEC is less likely we think to try to pick a winner, as to who comes first and I think we’re more likely to see them — if they do approve an ETF — to approve multiple Bitcoin-related ETFs.”
The United States of America has time and again revealed that it has been very strict with regard to laws pertaining to the crypto industry. While several countries like Canada have already given a green signal to Bitcoin ETFs, the US seems to be lagging behind. Rosenbluth added,
“We’ve got a number of firms that have entered. We think we’re likely to see one in the coming year or two, but we don’t have a firm timeframe as to when the answer would be yes.”
Published at Thu, 08 Apr 2021 19:30:00 +0000