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FTX Failure Set Back the Bitcoin Spots ETFs Approval

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During episode 11 of “Hashing It Out”, Steven McClurg was asked by Elisha Owusu of Cointelegraph about the challenging circumstances facing the Bitcoin ETFs (Exchange Traded Funds) and their plans.

The Valkyrie investment chief Steven McClurg describes how companies are bypassing the challenging circumstances to make sure that Bitcoin spot ETFs come to the United States market.

According to his statements, the U.S. regulators have set up a rigid stance against registering Bitcoin spot ETFs even though European and Canadian regulators have already given their approval.

McClurg revealed that getting the approval for Bitcoin spot ETFs in both European and Canadian markets wasn’t quite easy for them. It took them a very long time to achieve it.

U. S Regulators’ biggest Issue against Bitcoin spot ETFs Approval

McClurg revealed in his statement that the major issue the United States regulators has against their venture is custody and market manipulation.

In his opinion, the Valkyrie investment chief investment officer says that they could have taken care of the custody issue easily if not for the FTX catastrophe.

According to McClurg, the FTX failure made regulators hesitate and began to investigate if custodians will be safe before they can approve additional Bitcoin investment products.

Regarding the other problem of market manipulation, the chief investment officer thinks that related products like theirs have invalidated such concerns in Canada with valid reasons.

McClurg revealed that locally, similar firms to Valkyrie Investments have been collaborating with regulators to provide answers to the main questions that surround the Bitcoin Spot ETFs’ safety.

According to McClurg, Valkyrie has been enlightening the regulators on the workings of custody. Also, it shared records regarding due diligence which the company has conducted on several occasions.

He further revealed that they conducted due diligence on BlockFi, Voyager, Celsius, and FTX but didn’t enlist with them. After the exercise, they decided that the platforms are not safe to collaborate with.

The Valkyrie revelations to the regulators served as a wake-up call to the companies that collapsed last year.

McClurg’s Alternative Amid the Regulators’ Hesitation

The chief investment officer of Valkyrie, claims that they still have a way out.

According to him, even though the U.S. regulators are hesitating to register the Bitcoin spot ETFs, the citizens still have exposure to it from Canada through brokerages.

He also revealed that certain lawmakers, particularly within the U.S. House of Rep have been responsive to making laws that will make the launching of Bitcoin spot ETFs easier in the state.

However, on the subject of how soon Bitcoin spots ETFs can be accessed by consumers in the United States, McClurg is still pessimistic.

His hope lies in a future legislative action or a future administration that can understand their plight.

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