CEO of cryptocurrency-focused investment firm Galaxy Digital, Mike Novogratz, believes the US Securities and Exchange Commission (SEC) should quickly rethink its priorities and approve Bitcoin-based ETF later this year .
In anticipation of the ETF
In a new interview with SALT Talks Novogratz, he stated that the SEC’s main task is to protect investors. The delay in ETF BTC admission to the market causes investors to pay a high premium for investing in the flagship cryptocurrency through a private trust.
The SEC’s job is to protect small investors, right? That’s the job of the SEC: protecting the retail investor. And yet, they allowed the Greyscale Bitcoin Trust, which is an amazing business for Barry Silbert and his team, to grow to as much as $ 25-30 billion. – he noticed. He added that investors pay high fees for this service, so this investment model is not fully beneficial.
Bitcoin ETF to be created in 2021?
However, this situation may change. And this is due to political changes. Novogratz believes Gary Gensler will serve the cryptocurrency market better than his predecessor did. Gensler is President Joe Biden’s candidate for head of the SEC.
– You know, CEO Clayton didn’t really understand it … and I think Gary Gensler is much more in tune with you knowing what his role is and understanding the intricacies of cryptocurrencies while doing so. – added.
The CEO of Galaxy Investment Partners has now said the Bitcoin ETF will be approved “Within 12 months”. This will cause Grayscale’s profits to decline.
– We’ll have an ETF anyway that will cause the Grayscale bonus to drop He explained.
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