So many years have passed and by now it is clear that the U.S. Securities and Exchange Commission will never approve an ETF even if it is having a remote connection with any of the cryptocurrencies. Everytime they come up with new excuses.
They don't come up with excuses. All their reasons for rejecting these ETF's are valid considering how big the ETF market in the US is, plus there is a lot of shady shit going on with Tether, overseas exchanges reporting huge amounts of fake volumes, etc.
I'm pretty sure that CME and Bakkt will play a very important role in the approval of an ETF, and then mainly regarding the volumes they generate and the honest price discovery that happens on these platforms. It will not happen any time soon, but I would say that the chances are pretty high that we get it within 5 years from now.
But seriously, who need these ETFs now? I don't think that it is that difficult to store Bitcoins by yourself. You need ETFs for gold, platinum.etc, because it is very risky and expensive to store these assets. The case is different with Bitcoin.
It might not be a difficult task for you to store a few k worth of Bitcoin, but what do you expect an institution or a wealthy individual to do when the amounts are in the multi millions? They rather use a regulated instrument where they don't have to worry about storage, theft, etc.
Crypto as a whole is nowhere near user friendly enough to onboard the mass. An ETF helps a lot in that regard.
