David Abner, the Global Head of Business Development at leading cryptocurrency exchange Gemini, believes the SEC will eventually approve a pure-play Bitcoin (BTC/USD) ETF.
Abner shared his bullish opinions during the November 22 episode of CNBC’s ETF Edge, saying approving a pure-play BTC ETF would be the answer to the regulator’s crypto conundrum.
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During the show, Abner said the SEC is moving meticulously in the BTC and crypto ETF space. According to him, the securities regulator has been paying attention to crypto and has read a massive volume of crypto-related publications, a move that saw it approve three ETFs based on BTC futures.
Abner noted that the SEC approved the BTC futures ETFs because it no longer believes the crypto market is immature. He added that approving these ETFs is the SEC’s way of showing investors that crypto is an investable space.
The Gemini official added that the SEC is seeking more oversight over the burgeoning asset class before making its next move.
While the authority is yet to get such control, Abner believes it is gradually working on steps to move the nascent asset class forward. In the same spirit, he said the SEC knows what it is doing and that it will eventually approve a physical BTC ETF.
The SEC might approve a spot BTC ETF in 2022
Sharing what he thinks it would take for the SEC to greenlight the launch of a pure-play BTC ETF, Abner said the agency is waiting for clear regulatory guidelines around the nascent industry. He predicted that such regulations might arrive in Q1, 2022, allowing the SEC to approve a spot BTC ETF afterward.
While Abner is bullish that the SEC will give the go-ahead to launch a physical BTC ETF as early as Q1, Tom Lydon, the CEO of ETF Trends, believes such a feat would take longer. According to him, the end of 2022 is more feasible.
Like Abner and Lydon, Anna Paglia, Invesco’s head of ETFs and indexed strategies, also believes the SEC might approve a physical BTC ETF in the coming year. Paglia shared her thoughts on the matter during the November 15 episode of CNBC’s ETF Edge.
Meanwhile, BTC is trending downward after peaking at $68,789.63 (£51,425.41) on November 10. At the time of writing, the coin is trading at $56,678.14 (£42,372.29) after losing 0.93% over the past 24 hours.
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