2021 is the year when Bitcoin ETFs may be a reality as many noted firms like Grayscale, Galaxy Digital, Kryptonian, VanEck etc. are already competing for First Bitcoin ETF in US. It is notable that SEC is on a timeline and is expected to reply with yes or no by first week of May to VanEck’s Bitcoin ETF Proposal. In a notice uploaded on SEC website dated 22nd April, 2021, SEC has already started looking into Krptonian Bitcoin ETF application.
Can Gary Gensler Finally Make Bitcoin ETF A Reality?
Bitcoin ETF applications are not new to SEC as over the years they have rejected multiple Bitcoin ETF applications. While this year, SEC is operating under leadership of newly appointed chief Gary Gensler and crypto community is expecting positive results.
Gary is pro crypto and hails from a background of strong cryptocurrency understanding as he has taught crypto courses at MIT. He is also a noted admirer of Blockchain technology and believes in cryptocurrencies as useful financial instruments.
SEC commissioner Hester Pierce has already confirmed that Bitcoin ETF will get a fresh look under Mr. Gensler’s leadership. Speaking to FOX she accepted that Canada is already leading way in Bitcoin ETF market and said,
“Frankly, Canada is ahead of us now, they not only have bitcoin exchange-traded products, but they have exchange-traded products based on Ether.”
It is to be noted that Ethereum is is currently the second-largest crypto-asset behind bitcoin with a market cap of nearly $300 billion, as tracked by Coindesk.