For the director of VanEck, the SEQ hopes to have more control over the crypto market before accepting the first ETFs based on Bitcoin, precisely because the current regulatory landscape does not empower the entity to address this space much more precisely.
The CEO of the international investment firm VanEck, Jan Van Eck, assured that the US Securities and Exchange Commission (SEC) is purposely withholding the ability to accept an ETF based entirely on Bitcoin.
“The SEC is holding a Bitcoin ETF hostage”Van Eck points out.
Statements from the CEO of VanEck They came into place during an interview for the Anthony Pompliano podcast, where the manager pointed out that in his view, the SEC is waiting for much clearer rules at the regulatory level to be able to approve the ETFs, so it is not surprising that he can be on the lookout for what US lawmakers propose.
Let us bear in mind that VanEck appears as one of the entities that has exerted the most pressure for the approval of a ETFs based on Bitcoin, since it has introduced applications over the last few years but all have been rejected by the regulatory body. According to Van Eck, the SEQ it is currently very limited and for this reason it has not finished approving this product, precisely because the talks about regulation are contradictory, unhealthy and have not yet reached concrete results.
Regarding what could happen in the future, Van Eck maintains that everyone, including the SEC, are waiting for more precise regulatory rules, but with the Securities and Exchange Commission there is a special situation:
“I believe the SEC is holding a Bitcoin ETF hostage waiting to gain jurisdiction over associated markets, which it does not have at this time. I think that the whole regulatory dialogue is not healthy at all now, as there is a push and pull, a pro and a con, but when you get to [Washington] DC, is a congressman who is sharing your point of view.”
In relation to the legislators, Van Eck anticipates the risk that they propose a regulatory perspective that makes things even more difficult, since it could add legal barriers that would make it difficult for the markets to work with this type of product.
Regulations advance in the US
CEO’s comments VanEck They come into place a day after President Joe Biden signed an executive order especially dedicated to cryptocurrencies, which sets the tone for the government’s approach and position on this type of asset.
As such, the order contemplates several aspects but places special emphasis on consumer protection, financial stability, the prevention of illicit activities, the competitiveness of the United States in international markets, financial inclusion and responsible innovation.
Following this announcement, the Republican US senator for the state of Wyoming, Cynthia Lummins, communicated through her social networks that a bill on which she is working is almost ready, the approval of which would allow the integration of cryptocurrencies in the system. financial.
Meanwhile, the possibility of an ETF based on Bitcoin is still stagnant in the US, since the SEQ alleges that there would be significant risks for users associated with the volatility of the digital currency, as well as the possibility of manipulation of its associated market.
Angel Di Matteo version / DailyBitcoin
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