The 'godfather of ETFs' says a bitcoin exchange traded fund will be approved 'no time soon'

Jay Clayton SEC

The world is still waiting on the first bitcoin exchange traded fund after months of pushback from US regulators. And according to an executive known as the „godfather of ETFs,“ bitcoin enthusiasts will have to continue to wait.

Reggie Browne, a senior managing director and head of ETF trading at Cantor Fitzgerald, said bitcoin ETFs will be approved „no time soon.“ 

Browne, speaking on Thursday at Georgetown University’s Financial Markets Quality Conference in Washington D.C., said bitcoin ETFs will only come once there is a strong regulatory framework in place for these digital assets. But as of now, „it’s very difficult for the commission to wrap their heads around a positive approval because there’s no data yet … the markets just aren’t here.“

A bitcoin ETF has long been viewed as a natural next step in bitcoin’s legitimacy as an asset class. It would likely make it easier for retail investors tap into the market, which known for its volatility and market manipulation.

But the idea of a bitcoin ETF has received pushback from regulators that don’t think markets for cryptos are properly monitored. Recently, the Securities and Exchange Commission rejected a slew of nine fund proposals by numerous asset managers.

Browne joined Cantor in 2013 from Knight Capital Group, in which he became one of the most influential figures in the ETF world by helping the funds grow globally and become a $4.7 trillion market. 

Join the conversation about this story »

NOW WATCH: The legendary economist who predicted the housing crisis says the US will win the trade war

Source: Business insider

Kommentar verfassen