[02/11/2018] ‘Godfather of ETFs’: Regulators Won’t Approve Bitcoin ETF Anytime..

[Lmaooo]

‘Godfather of ETFs’: Regulators Won’t Approve Bitcoin ETF Anytime Soon

Reggie Browne, who is a senior managing director of the ETF group at Cantor Fitzgerald, isn’t holding his breath for a bitcoin ETF. Despite the determination of crypto asset managers jumping through hoops to satisfy US regulators, Browne, who earned the nickname as “the Godfather of ETFs” from Forbes for his influence over the $4.7 trillion market, has his doubts, saying it will happen “no time soon.”

Browne addressed what he finds to be slim odds of a bitcoin ETF amid an inability by regulators thus far to craft a regulatory framework by which cryptocurrencies could operate. In the interim, “it’s very difficult for the commission to wrap their heads around a positive approval because there’s no data yet…the markets just aren’t here,” said Browne, who was speaking at the Georgetown University’s Financial Markets Quality Conference held in Washington, D.C. this week, an event at which SEC Chairman Jay Clayton was also present. Browne’s remarks were cited in Business Insider.

Crypto Catch-22
There’s a bit of a catch-22 in the crypto markets, as the arrival of a bitcoin ETF is widely deemed to be a sign of maturity in the nascent market, which just celebrated its 10th anniversary. Meanwhile, the approval of such a product is dependent on regulation that is waiting for a more mature market. The SEC has already declined nine bitcoin ETF applications, and the crypto community has their hopes pinned to a product designed by asset manager VanEck and blockchain startup SolidX.

VanEck Director of Digital Asset Strategies Gabor Gurbacs on Nov. 1 told Fox Business: “I don’t know exactly how close we are but we are the closest we can be,” adding: “It’s very clear to me America wants a bitcoin ETF and we are here to build it.” In the meantime, VanEck is waiting on pins and needles for SEC feedback on its application.

CCN | https://www.ccn.com/godfather-of-etfs-regulators-wont-approve-bitcoin-etf-anytime-soon/

[BitHodler]

VanEck Director of Digital Asset Strategies Gabor Gurbacs on Nov. 1 told Fox Business: “I don’t know exactly how close we are but we are the closest we can be,” adding: “It’s very clear to me America wants a bitcoin ETF and we are here to build it.” In the meantime, VanEck is waiting on pins and needles for SEC feedback on its application.

They are very close..... Till the moment it becomes clear that the SEC isn't interested in allowing an ETF to come through, which they very clearly have been signalling for a whole now, in my opinion.

Another thing is that we should be happy that there won't be an ETF any time soon, because launching anything in a bear market (which easily could drag on for another year) is almost guaranteed to become a flop.

Coinbase's index fund is the perfect example of that. Institutions might be looking for a way in, but they will do it in a way it won't be affecting the market, which is through private deals away from any platform.

[1Referee]

Coinbase's index fund is the perfect example of that. Institutions might be looking for a way in, but they will do it in a way it won't be affecting the market, which is through private deals away from any platform.

Coinbase technically has ditched its index fund, but it has another product (Bundle it is called) with the same characteristics, but less of a legal hassle, and also with a $25 entry point instead of $250,000, lol. Another benefit is that you can dump individual coins that you no longer want in your Bundle, which is quite neat to be honest, because not everyone is interested in certain altcoins.

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The SEC wants a US based exchange to rule the market in terms of volumes and market making, it's that simple. As long as that isn't the case, there is no point in dreaming about a Bitcoin backed ETF. I can't even blame the SEC for not granting VanEck their ETF, because this market is a damn mess with how unregulated Asian exchanges dominate this whole space.

[gentlemand]

Another thing is that we should be happy that there won't be an ETF any time soon, because launching anything in a bear market (which easily could drag on for another year) is almost guaranteed to become a flop.

Real finance types will sit there for years before their bet comes through. We're all twitchy crypto kiddies which is why it feels that way. Things like this enable increased bullishness when times are bullish in general, they won't create it.

I think the geezer is totally right. ETFs are an attempt to run before anything can walk. The only hurry is in our sweaty little minds. It'll happen when the time is right and it certainly isn't around now.

[Kakmakr]

“it’s very difficult for the commission to wrap their heads around a positive approval because there’s no data yet…the markets just aren’t here,”

How would they know if there are a market, if they have not given Bitcoin a platform to prove it self? You cannot place a barrier in front of Bitcoin and then make statements like this, because that is simple stupidity.

Institutional investors have no formal access to Bitcoin, so they will never be able to test the market to see if there are a appetite for it.

People should just forget about ETFs and the SEC, because they are just playing games with Bitcoiner`s emotions. Just focus on mass adoption and Bitcoin will prove them wrong.  

[gentlemand]

People should just forget about ETFs and the SEC, because they are just playing games with Bitcoiner`s emotions.

I rather think the SEC has slightly better things to do with its time than prick tease a bunch of impatient brats and then chortle and touch themselves as they flick through Reddit whining.

The bottom line is that crypto as it stands does not fit a framework that they can work with and it's going to be a long time before that changes, if ever. They're not going to compromise themselves to fit around it.

[buwaytress]

Never heard of this Godfather, probably one of those guys who just gave himself the nickname and then encouraged everyone else to use it. He will realise some day that it's very different with Bitcoin, that he won't have the same influence he thinks he has in ETF markets.

That out of the way, why's he parroting what people have already or should have already accepted by now? Nothing short of bribery or some maverick rashness from the chairs will get any of them "Bitcoin ETFs" close to approval. Certainly not this year.

Let these guys play with their toys. Bitcoin will move on, as it always has. With or without any backing from the old world.

[squatter]

People should just forget about ETFs and the SEC, because they are just playing games with Bitcoiner`s emotions.

I rather think the SEC has slightly better things to do with its time than prick tease a bunch of impatient brats and then chortle and touch themselves as they flick through Reddit whining.

Indeed, it's not the SEC that is playing games. It's people like the Winklevoss brothers and VanEck, who were never realistic in their expectations, and encouraged pipe dreams among the community. Even today, VanEck says, "We are the closest we can be. It’s very clear to me America wants a bitcoin ETF and we are here to build it." Actually, it's not clear that America cares about a Bitcoin ETF at all, and by all appearances VanEck isn't close to getting approval.

It's taken multiple years to get ETFs for longstanding commodities approved. Nobody should be surprised if this drags out for decades, let alone years.

[hatshepsut93]

I rather think the SEC has slightly better things to do with its time than prick tease a bunch of impatient brats and then chortle and touch themselves as they flick through Reddit whining.

Indeed, it's not the SEC that is playing games. It's people like the Winklevoss brothers and VanEck, who were never realistic in their expectations, and encouraged pipe dreams among the community. Even today, VanEck says, "We are the closest we can be. It’s very clear to me America wants a bitcoin ETF and we are here to build it." Actually, it's not clear that America cares about a Bitcoin ETF at all, and by all appearances VanEck isn't close to getting approval.

It's taken multiple years to get ETFs for longstanding commodities approved. Nobody should be surprised if this drags out for decades, let alone years.
[/quote]

Well said, the whole ETF thing in this year seemed like a market manipulation, the price was getting pumped and dumped multiple times as the result of ETF-related news. People need to realize that Bitcoin's future is not dependent on ETF's or regulations, Bitcoin's value lies in the fact that it is an alternative system.

[KryptoKai]

I have more faith in vaneck than the gemini twins, but not much faith overall. I think we need to wait for the bakkt before we see a bull run. An ETC had a positive impact on gold prices so we can assume that when it happens for bitcoin the price will rise as well