Ric Edelman, the Founder of Edelman Financial Engines, spoke about one of the most controversial and popular subjects in the cryptocurrency space presently, the Bitcoin ETF. In an interview with CNBC, the legendary financial advisor spoke about whether the U. S Securities and Exchanges Commission would ever pass a Bitcoin ETF as well as addressed the SEC’s main concerns regarding an ETF as well.
The financial advisor started by speaking about the chances of the SEC approving an ETF, in light of the several proposals that have been shot down by the regulatory body under several grounds. Here, Edelman stated that the the question that should be emphasized upon should be “when” would the ETF be passed as it certain that there will be one very soon.
“I don’t know how soon it’ll happen; the SEC has several legitimate thoughtful concerns that the industry has to overcome but I’m confident that they will and eventually we will see a Bitcoin ETF and it’s at that stage that I will be much more comfortable recommending that ordinary investors participate”
This was followed by Edelman elucidating on how this could be possible, considering that the SEC’s main concerns have been in relation to custody and overseas trading where the prices are established on platform that are not regulated by the SEC.
“True. But, we’ve got some serious players, Fidelity has made a major announcement in the custody issue, we’ve got Kingdom Trust and a number of other very serious players on the custody side. I’m confident that in very short order, VanEck or Bitwise will satisfy the custody concern of the SEC.”
For him, Bitcoin is on the same list as oil and gold, globally traded assets that are beyond the control of the regulatory body. He added that the Securities and Exchanges Commission will eventually have to “shrug” and accept the market the way it really is.
YouTuber Dr. Guru put an interesting spin on things when he said,
“Meanwhile the SEC hints that’s it’s almost impossible. Isn’t it ironic that the same people that want a currency independent from government policies, want an ETF?”