SEC Chair Gary Gensler truly is pro-Bitcoin, Vault Equity CEO argues
The founding father of Vault Equity believes that United States regulators have a good motive to be sluggish in approving a pure Bitcoin (BTC)-related exchange-traded fund (ETF).
Vault Equity CEO and founder Tad Park voiced assist for the U.S. Securities Exchange Commission (SEC) concerning the regulator’s unwillingness to approve an ETF that will monitor Bitcoin instantly.
In a Tuesday Fox Business interview, Park argued that SEC chair Gary Gensler “actually is pro-Bitcoin” however can be “a little bit misunderstood” concerning his perspective on crypto regulation within the U.S.
Park particularly referred to the SEC’s investor safety issues, specifically that crypto custody suppliers have but to guarantee the fee that they will truly guarantee correct asset safety:
“I can say ‘I have a gold ETF or a Bitcoin ETF’ but I’m storing that gold in my basement. Is the SEC gonna allow that? Probably not. Unless companies can show they can custody it and actually address a lot of the issues Gansler specifically mentioned, it’s not gonna work.”
The CEO added that “at least half” of present crypto ETF purposes with the SEC “are not even valid” as a result of “they are not addressing what Gary Gensler is saying.”
Park emphasised that Vault Equity’s crypto ETF doesn’t present direct publicity to Bitcoin, however as an alternative tracks main Bitcoin-correlated corporations together with MicroStrategy, Tesla, Twitter, Square in addition to Bitcoin mining corporations like Bitfarms.
“We try to get at what people are actually looking for, which is correlation to Bitcoin’s price movement. These companies are really focusing on Bitcoin and get the majority of their income and revenues from Bitcoin. It makes sense that they tend to move along with Bitcoin’s price,” Park famous.
Related: Bitcoin futures ETF will seemingly be delayed till 2022 says analysis agency CFRA
Approved on Oct. 1, Vault Equity’s Volt Crypto Industry Revolution and Tech ETF tracks “Bitcoin Industry Revolution Companies,” a listing of companies holding a majority of their internet property in Bitcoin or derive a majority of their earnings from Bitcoin mining, lending or transactions.
The SEC has but to approve a pure Bitcoin ETF. On Oct. 1, the SEC prolonged the deadline for 4 Bitcoin ETFs together with Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF. In August, SEC chair Gensler advised that the regulator is perhaps open to approving Bitcoin futures ETFs.