Crypto market participants announce the speedy approval of spot Bitcoin ETFs
BestChange.com
Blockchain Association Policy Director Jake Czerwinski said that “all signs point to impending SEC approval for Bitcoin spot ETFs.”
ARK Investment Management previously made significant updates to its application to launch a Bitcoin ETF. Prior to this, the regulator left feedback for companies that submitted similar applications on the documents they sent, which motivated them to make changes. ARK was likely to quickly address the issue, particularly with respect to the net asset value calculations that were brought to the attention of the SEC.
Cryptanalyst James Seyffart is also positive about the changes made to the documents. In his opinion, the fact that BTC-ETF will be stored in separate wallets was a key improvement.
This can ensure that assets are kept safe and not mixed with other assets. Such an initiative will have a positive impact on the chances of approval of a Bitcoin ETF by the regulator.
Meanwhile, ex-CIA employee Edward Snowden pointed out possible threats that are associated with the emergence of traditional financial organizations in the cryptocurrency market, including through exchange-traded funds based on the main digital coin. He believes price-focused investors need to identify “real use cases for cryptocurrencies rather than looking at charts and candlesticks.”
According to Snowden, the influx of funds from conservative financial institutions could have an impact on the price of Bitcoin. At the same time, large investments in BTC will give companies “too much power” over the crypto asset, and ordinary users will no longer be able to influence what is happening around the main digital coin, the former agent noted.
In addition, Snowden said that cryptocurrency ETFs, which are gaining popularity among financial companies, are actually “taming” the digital asset industry. He recalls the “lack of real anonymity” of BTC, which allows authorities to easily track users conducting certain transactions.
