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Rick Edelman, founder of the consulting firm Edelman Financial Engines, believes the SEC will approve the launch of Bitcoin ETFs in the next two years as the crypto market matures.
In an interview with CNBC, Ric Edelman suggested that the US Securities and Exchange Commission (SEC) may approve the launch of a Bitcoin ETF as early as this year. Edelman says he has been making these predictions every year for seven years, and he hopes to be right someday.
“I hope this will happen, if not in the next twelve months, then in 2023. The fact is that the SEC is running out of excuses to say no, “Edelman said.
He explained that the maturity of the cryptocurrency market and its rapid development should remove the regulator’s doubts about the approval of applications for the launch of Bitcoin ETFs. SEC Chairman Gary Gensler (Gary Gensler) motivates the position of the department that it will not be able to sufficiently control this investment product. But in this case, the SEC is not able to fully control gold and oil, Edelman said.
The founder of Edelman Financial Engines added that investors interested in cryptocurrency ETFs and unable to access them in the US are “moving” to other countries where they are allowed. To make matters worse, people are forced to use unregulated sites at the risk of losing funds.
Edelman called this a good reason for the SEC to approve a Bitcoin ETF, a step towards consumer protection. According to him, now about a quarter of Americans own BTC, and given its growing popularity, by the end of the year it will be owned by a third of US citizens.
“Many people invest in bitcoin, they simply do not advertise their investments. They can be compared to teenagers buying beer, ”joked Edelman.
Bitwise Investment Director Matthew Hougan agreed with Edelman that the industry’s efforts to address the SEC’s crypto concerns this year could “pay off.” Indeed, cryptocurrency companies are expressing their willingness to work with regulators and help develop rules for the oversight of digital assets.
Hogan believes the cryptocurrency market has matured, so it is time to overcome the SEC’s resistance to launch crypto ETFs. Hogan previously stated that Bitcoin futures ETFs are not suitable for long-term investors due to the added cost.
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