Bitcoin the leading digital cryptocurrency is shaping the new businesses rapidly. However, in terms of government regulations, the cryptocurrency market still needs to work hard to prove its full potential. Recently, on Bitcoin ETF there are many anticipations and assumptions have also cropped up.
Brian Kelly, founder, and CEO of BKCM LLC- a cryptocurrency-focused investment firm broadcasted his thoughts on Bitcoin ETF in an interview with CNBC on Oct 10.
At present, the cryptocurrency market hardly needs a Bitcoin ETF, especially when there are major financial institutions like Fidelity and TDI Ameritrade have started to push into the Bitcoin and digital assets market space. As a result, through them, consumers can able to buy “Bitcoin in a regular brokerage account…” Kelly expressed his thoughts.
Bitwise Bitcoin ETF proposal
The interview follows after the U.S. SEC’s recent rejection of the high-profile Bitwise Bitcoin ETF proposal. However, SEC is not doubting the value and the importance of Bitcoin or blockchain and claiming that the disapproval is due to the non-fulfillment of certain pre-designed federal laws which is there in the system to prevent the fraudulent and manipulative activities.
The regulatory bureau stressed on the fact that the NYSE Arca exchange did not meet the “Exchange Act Section 6(b)(5) requirements.
As per the information, shares of Bitwise Bitcoin ETF were supposed to be registered on the self-regulatory NYSE Arca Exchange. On Jan 28, NYSE Arca Inc. had filed a proposed rule change for listing and share trading of Bitwise Bitcoin ETF Trust.
Ethereum is a Commodity Like Bitcoin
Further, Kelly sharply moved towards Ethereum and talked about its importance as a commodity which the United States Commodity Futures Trading Commission’s (CFTC) new chairman Heath Tarbert, reportedly given the term during the Yahoo Finance’s All Markets Summit on Oct. 10.
For our readers, Heath Tarbet has superseded J. Christopher Giancarlo- the old chairman of CFTC in July and overtook his position. Since then Tarbet is putting his stance openly and making few things clear for the cryptocurrency enthusiasts. He said CFTC is working with the SEC on the regulatory issues.
Tarbet, also indicated the futures trading of ether in U.S. markets is forthcoming.
“It is my view as chairman of the CFTC that ether is a commodity.”Heath Tarbet during Yahoo Finance’s All Markets Summit, Newyork.
Tags: Bitcoin, Ethereum, Bitcoin ETF, U.S. SEC, CFTC, Approval, Bitwise, NYSE Arca, Cryptocurrency, Digital Assets, Digital Currency, Blockchain, Brian Kelly