{"id":303359,"date":"2021-07-20T12:34:52","date_gmt":"2021-07-20T09:34:52","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/osprey-funds-ceo-says-us-will-approve-bitcoin-etf-in-2022-at-earliest\/"},"modified":"2021-07-20T12:34:52","modified_gmt":"2021-07-20T09:34:52","slug":"osprey-funds-ceo-says-us-will-approve-bitcoin-etf-in-2022-at-earliest","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/osprey-funds-ceo-says-us-will-approve-bitcoin-etf-in-2022-at-earliest\/","title":{"rendered":"# Osprey Funds CEO says US will approve Bitcoin ETF in 2022 \u2018at earliest\u2019"},"content":{"rendered":"

“# Osprey Funds CEO says US will app<\/a>rove Bitcoin ETF in 2022 \u2018at earliest\u2019 <\/strong>”
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The CEO of Osprey Funds \u2014 the issuer of over-the-counter Bitcoin trust\u00a0OBTC \u2014isn\u2019t holding his breath for a Bitcoin (BTC) exchange-traded fund (ETF) approval in the United States this year.<\/p>\n

Speaking to Yahoo Finance\u2019s Jared Blikre and Seana Smith on July 19, Greg King said<\/a> he believes that the U.S. Securities and Exchange Commission (SEC) under the leadership of Gary Gensler has so many things on its plate in 2021 that a BTC ETF approval is unlikely to make the cut.<\/p>\n

King recalled the hype in the crypto industry surrounding Gensler\u2019s appointment, who, while fairly\u00a0noncommittal in his statements about crypto regulation thus far, is nonetheless well-known for his work teaching courses on blockchain at the Massachusetts Institute of Technology<\/a> in recent years.\u00a0<\/p>\n

\u201cYou saw a flurry of filings, from established companies to sort of newcomers, chasing that Bitcoin ETF idea,\u201d said King. The CEO has himself been in conversation with SEC staff for several years, as Osprey \u2014 the parent firm of Osprey Funds \u2014 had filed for its own Bitcoin ETF back in 2017. King argued:<\/p>\n

\u201cIf a Bitcoin ETF is coming through the Gensler administration, my view is it’s not going to happen this year […] There’s also been quite a bit of sort of a body of language and rhetoric and points that have been made by the staff with previous applications that need to be addressed. And so this isn’t a slam dunk.\u201d<\/p><\/blockquote>\n

Disappointed expectations of a \u201cslam dunk\u201d may, moreover, have played a role in the market\u2019s correction this summer, with King claiming that the \u201cmarket’s partially calibrating\u201d to these frustrations.<\/p>\n

While for King, the high number of Bitcoin ETF applications in the U.S. earlier in the year fed into Bitcoin\u2019s extraordinary 2021 bull run, with their stalling later contributing to a downturn, he also added that recent hawkish regulatory remarks in the U.S. regarding private stablecoins has not been \u201cparticularly helpful for Bitcoin or Ethereum.\u201d<\/p>\n

This week, U.S. Treasury Secretary Janet Yellen has told members of the President’s Working Group on Financial Markets \u2014 a.k.a the \u201cPlunge Protection Team\u201d \u2014 that the government must act quickly to establish a regulatory framework for stablecoins.\u00a0Earlier this year, Yellen had also warned that the abuse of\u00a0crypto has been an ever-growing problem.<\/p>\n

Over at the Federal Reserve, Jerome Powell has echoed Yellen\u2019s calls, saying that if stablecoins are \u201cgoing to be a significant part of the payments universe, then we need an appropriate regulatory framework which, frankly, we don\u2019t have.\u201d<\/p>\n

Related:\u00a0Grayscale \u2018100% committed\u2019 to turning GBTC into Bitcoin ETF \u2014 CEO<\/em><\/strong><\/p>\n

Looking at this landscape \u2014 and given that crypto ETFs have already been approved in Canada, Europe and other jurisdictions \u2014 King said that the U.S. is \u201cdecidedly behind\u201d but that\u00a0\u201cthat’s obviously by choice\u201d:<\/p>\n

\u201cI think they’re thinking about this, if I had to guess, more holistically, beyond just whether a Bitcoin ETF makes sense or not at this point, but really, more along the lines of what precedent are we going to set when we approve one.\u201d<\/p><\/blockquote>\n