SEC Chair Gary Gensler actually is pro-Bitcoin, Volt Equity CEO argues

Published at: Oct. 13, 2021

The founder of Volt Equity believes that United States regulators have a fair reason to be slow in approving a pure Bitcoin (BTC)-related exchange-traded fund (ETF).

Volt Equity CEO and founder Tad Park voiced support for the U.S. Securities Exchange Commission regarding the regulator’s unwillingness to approve an ETF that would track Bitcoin directly.

In a Tuesday Fox Business interview, Park argued that SEC Chair Gary Gensler “actually is pro-Bitcoin” but is also “a little bit misunderstood” regarding his perspective on crypto regulation in the United States.

Park specifically referred to the SEC’s investor protection concerns, namely that crypto custody providers have yet to assure the commission that they can actually ensure proper asset protection: 

“I can say ‘I have a gold ETF or a Bitcoin ETF,’ but I’m storing that gold in my basement. Is the SEC going to allow that? Probably not. Unless companies can show they can custody it and actually address a lot of the issues Gensler specifically mentioned, it’s not going to work.”

The CEO added that “at least half” of current crypto ETF applications with the SEC “are not even valid” because “they are not addressing what Gary Gensler is saying.”

Park emphasized that Volt Equity’s crypto ETF does not provide direct exposure to Bitcoin but instead tracks major Bitcoin-correlated companies, including MicroStrategy, Tesla, Twitter, Square, as well as Bitcoin mining companies such as Bitfarms.

“We try to get at what people are actually looking for, which is correlation to Bitcoin’s price movement. These companies are really focusing on Bitcoin and get the majority of their income and revenues from Bitcoin. It makes sense that they tend to move along with Bitcoin’s price,” Park noted.

Related: Bitcoin futures ETF will likely be delayed until 2022 says research firm CFRA

Approved on Oct. 1, Volt Equity’s Volt Crypto Industry Revolution and Tech ETF tracks “Bitcoin Industry Revolution Companies,” a list of firms holding a majority of their net assets in Bitcoin or derive a majority of their earnings from Bitcoin mining, lending or transactions.

The SEC has yet to approve a pure Bitcoin ETF. On Oct. 1, the SEC extended the deadline for four Bitcoin ETFs, including Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF. In August, Gensler suggested that the regulator might be open to approving Bitcoin futures ETFs.

Tags
Adoption
Etf
Bitcoin
Regulation
United States
Sec
Cryptocurrencies
Bitcoin Mining
Tesla
Related Posts
Fund management firm Global X files with the SEC for a Bitcoin ETF
New York-headquartered fund manager Global X Digital Assets has filed an application for a Bitcoin (BTC) exchange-traded fund (ETF) with the United States Securities and Exchange Commission. Filed on Wednesday, the application indicates that the proposed Global X Bitcoin Trust — a Delaware statutory trust formed in mid-July of this year — would, if approved, trade on the Cboe bZx exchange. The Bank of New York Mellon would serve as the trust’s administrator. As per the filing: “The Trust’s investment objective is to reflect the performance of the price of bitcoin less the expenses of the Trust’s operations. The Trust …
Adoption / July 22, 2021
The United States will become the global crypto and blockchain leader
We have some great news coming out of the United States on the cryptocurrency industry this month with potentially more good news coming later this fall. On Oct. 6, Gary Gensler, head of the U. S. Securities and Exchange Commission (SEC), confirmed during a House Committee on Financial Services hearing that the regulator will not ban cryptocurrency, potentially blazing the path for the world’s largest economy to become the global leader in the development of decentralized finance (DeFi) and blockchain technologies. Gensler, who taught a class on cryptocurrency at MIT, also said that prohibiting cryptocurrency doesn’t fall under the SEC’s …
Adoption / Oct. 30, 2021
NYSE Arca files with SEC to list Bitwise Bitcoin ETP Trust
NYSE Arca, a subsidiary of the New York Stock Exchange (NYSE) Group, wants to list and operate a trust based on Bitcoin (BTC) exchange-traded products (ETP). In a rule change proposal with the United States Securities and Exchange Commission (SEC), NYSE Arca proposed to list shares of the Bitwise Bitcoin ETP Trust. The proposal clarifies that each share of the trust will be represented by fixed “units of undivided beneficial ownership,” allowing the shares on the stock exchange to reciprocate their value in accordance with Bitcoin's market price. Moreover, the trust will be operated by two third-party associates serving as …
Adoption / Nov. 3, 2021
SkyBridge Capital’s Anthony Scaramucci expects a pro-crypto presidential candidacy
Anthony Scaramucci, the founder of the hedge fund SkyBridge Capital, thinks that the next United States presidential candidate will likely be pro-cryptocurrency, given that the U.S. Securities and Exchange Commission (SEC) recently announced the approval of a fourth Bitcoin (BTC) futures exchange-traded fund (ETF). During an interview at SALT’s Crypto Bahamas conference, Scaramucci told Cointelegraph that he has been bullish on a pro-crypto presidential candidate since the SEC approved Bitcoin futures under the Securities Act of 1933 (‘33 Act) and the Securities Act of 1934 ('34 Act). He added: “The Congress is indicating that they are more crypto-friendly. You now …
Decentralization / May 5, 2022
Consensus 2022: Web3, unpacking regulations, and optimism for crypto’s future
“Everything is bigger in Texas” proved to be true during Consensus 2022. The crypto conference took place June 9–12 in Austin, Texas, this year, attracting over 20,000 people from across the globe, despite the 100-degree plus weather. According to the event sponsors, Consensus 2018, which was held at the Hilton Hotel in New York, had previously drawn in almost 9,000 attendees. Caitlin Long, CEO of Custodia — the Wyoming-based digital asset bank — told Cointelegraph that the event this year speaks volumes. “New York has sent a lot of this industry fleeing to places like Austin, Wyoming and Miami. It …
Adoption / June 14, 2022