In Episode 11Settle this matter once and for allCointelegraph's Elisha Owusu Akyaw visited Steven McClurg, Valkyrie Investments's chief investment officer, and talked about the situation of BTC exchange traded funds (ETF) and the way forward.
Although US and European regulators have given signals to bitcoin spot ETF, US regulators have expressed strong opposition to the listing of bitcoin spot ETF. Mr McLug stresses that such reviews take a long time, even in Australia and Europe and the US. According to McClurg, the two key points for US regulators to compare spot ETF of special coins are escrow and market control.
The chief investment officer felt that part of the escrow problem could have been dealt with had it not been for FTX's fiasco, and regulators were forced to step back and carefully check the suitability of fund custodians before allowing large amounts of bitcoin to invest in wealth management products. On the second question about sales market control, McLug feels that similar products in Australia have proved why such concerns are ineffective.
Locally, companies like Valkyrie Investments are trying to work with regulators to respond to basic questions about the security of spot bitcoin ETF products. Mr. McLug said Valkyrie has been in charge of cultural and education regulators and shared notes on the company's financial due diligence on a variety of fund custodians, which found early warning signs when some companies collapsed last year.
Financial due diligence was conducted on Celsius, Voyager, BlockFi and FTX, but we never worked with them. For us, they are not a safety education platform to participate in.
According to McClurg, although the United States lacks bitcoin spot ETF, Americans can get spot ETF open-ended through artist companies.
He stressed that some lawmakers, especially those in the U.S. House of Representatives, have been embracing legislation to make it easier and easier to release spot bitcoin ETF. Even so, McClurg maintains a negative market outlook on how long users can get spot ETF from the United States.
"We firmly believe that everyone will be able to facilitate this process, whether in government departments or by legal action in the future after the next election."
Other thematic styles discussed include:
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