According to Todd Rosenbluth, CEO of ETF, crypto-asset investors may have to wait longer for a Bitcoin futures exchange product. Speaking to CNBC’s “ETF Edge” on October 12, Todd noted that the Bitcoin futures product would be the first crypto ETF approved. However, the current somewhat confusing situations could be the cause of further delays.
Exchanges based on more than 20 crypto assets are awaiting approval by the Securities and Exchange Commission. The regulator has not yet reviewed any of them.
According to one researcher, regulators may be waiting for the products to achieve their goals to approve them and avoid the first driving advantage simultaneously.
He said it is likely that the Bitcoin futures ETF will be postponed until 2022 until the regulatory environment becomes more specific and clear.
Jan van Eck, CEO of Van Eck Associates, noted that the SEC’s primary concern, in addition to its very high funding potential, is the mismatch between the actual price of Bitcoin and the price of a futures contract.
Jan noted that the SEC wants to have some visibility in the Bitcoin markets. In the case of Bitcoin promotions, futures strategies may be insufficient at 20% per annum.
Eck explained that the regulator needs more control over crypto trading. It seems to be already trying to do this by warning Coinbase and the stock market credit product. Popular trading platforms like Robinhood are already regulated, and they are already registered as brokerage dealers.
Experts say any speculation about the delay could affect the price of Bitcoin. Analysts suggest that large investors may have bought BTC this month pending ETF approval. Assets have risen 37.5% in the last two weeks, reaching $58,000 on October 12. However, regulatory delays could undermine the current momentum of the market.
Bloomberg senior ETF analyst Eric Balchunas has a different view. He still believes there is a 75% chance that the ETF receive approval this month. The SEC extended the deadline for four BTC ETFs by 45 days earlier this month: Kryptoin Bitcoin ETF, Global X Bitcoin Trust, Valkyrie. WisdomTree Bitcoin Trust, XBTO Bitcoin Futures Fund.
Van Eck’s physically supported Bitcoin ETF had a delay for the second time this September. The date of the decision was November 14.
We will find out soon to what extent the delayed procedure of the regulator will affect the price of Bitcoin.