A Bitcoin Spot ETF in the United States has been on many wish lists for some time, but Christmas 2021 hasn’t delivered, disappointing potential investors.
What did Bitcoin do? Podcast host Peter McCormack and Messari founder Ryan Selkis recently discussed the obstacles they believe are standing in the way of the first approved US Bitcoin Spot ETF.
Spot ETA ETF?
McCormack was quick to point out that other countries — such as Canada — have Bitcoin Spot ETFs. Then he wondered what was stopping the United States from getting its own.
For his part, Selkis’ answer was simple. He blamed SEC Chairman Gary Gensler. Selkis said,
“He is awaiting full control and supervision of all US-based crypto exchanges. It’s taking hostages. He’s a political animal, he wants control, and ultimately, he wants to be able to hang a few goals or win a few wins so he can complete his resume for the Secretary of the Treasury. . ”
Furthermore, Selkis also pointed to the influence of Senator Elizabeth Warren, who has voiced her skepticism towards cryptocurrencies.
Naturally, McCormack wanted to know why the Bitcoin Futures ETF was easier to get approved. According to Selkis, the Bitcoin Spot ETF is subject to Commodity Futures Trading Commission regulation [CFTC]. The researcher hypothesized that from this perspective, the SEC approval of a Bitcoin Futures ETF would not do much harm to Gensler’s image.
It is important to note here that both McCormack and Selkis have made it clear that they are hostile to the SEC and Gensler.
Other crypto investors who are also skeptical of the legal relevance may question the need for so many Bitcoin ETF applications now that Grayscale already exists.
For example, according to a report by Huobi Research, ETF futures fees are lower than those of Grayscale or Bitwise. Additionally, the study notes that competition between futures ETFs and other products can also lead to lower fees and more features. In essence, this could boost overall Bitcoin adoption in the United States.
Time to catch a flight?
Despite US reluctance, Huobi Research also reports that other regions of the world have been more open to the idea of a Bitcoin Spot ETF. Its article said,
“We will be monitoring market movements in the UK, Germany, Switzerland, Singapore and Malaysia.”