TradFi in pole position. Since we know that major players in international finance, such as BlackRock Or Fidelity, have filed an application with the DRY to propose a Bitcoin ETFs to their clients, the entire ecosystem is feverishly awaiting the regulator’s response. Between thehope of a rising price and the fear of the arrival of TradFi in the crypto game, these ETFs have not finished dividing enthusiasts Bitcoin. But nothing is settled on the matter, and the policeman of the American stock market could just as well refuse en bloc all of the requests as well as accepting some of them. A panel of specialists recently spoke on the subject, with reasons to believe, but also many reservations about a positive outcome. Let’s give them the floor!
At least the SEC didn’t say no
Let’s start by seeing the glass half full by highlighting the positive signs coming from Washington and Gary Gensler. First of all, our two specialists see with a good eye that the SEC has requested additional information concerning certain files, such as that of BlackRock:
“Some people take the notion of Bitcoin ETF spot [au comptant] too much at heart. However, it is common for the SEC to return motions and seek clarification. »
Sean Tuffy, financial regulation expert
“I see this as very encouraging news, as the SEC has not just denied [les demandes d’ETF]. She basically sent the requests back and said to work on it. So there is a chance that they will be approved. »
Vivian Fang, professor of finance at Indiana University
For the latter, the fact that the SEC requests additional information is clearly a big step towards acceptance. Indeed, in the past, requests have purely and simply been refused. But, for Vivian Fang, the difficulty could come from the very nature of the companies which are involved in the requests, more particularly the crypto platforms.
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The bad reputation of crypto exchanges at the heart of the refusals?
To say that the exchanges are not in the odor of sanctity in the corridors of the Securities and Exchange Commission is an understatement. Coinbase, Binance or Gemini are all in procedure with the regulator for suspicions sales of unauthorized financial securities in the USA. We are still waiting for the federal authority to take an official position on the nature cryptos. To this must be added the mixture of genres in the sector which does not please the boss of the SEC:
“In some of our exchanges, the exchange, brokerage and clearing functions are separated. Separating these core functions helps mitigate conflicts that can arise when combining these services. »
However, in crypto, it is the same entities that do all of this. This makes our experts say that even by designating Coinbase as partner for a Bitcoin ETFthat surely won’t work either, because the platform of Brian Armstrong is not not recorded as a national stock exchange.
And this lack of conformity of the crypto environment could be fatal to some Bitcoin ETF demands. Guess who could pull the chestnuts out of the fire? The historic players in traditional finance, of course! Vivian Fang imagines “a BlackRock and Nasdaq team that would be an unbeatable golden team”.
The revenge of the TradFi is in preparation, and it could well top the crypto platforms who have been fighting for years to be recognized. Nothing is therefore decided in the land of ETFs, and the outcome is far from being written in advance. Last but not least, from Sean Tuffy: “Ultimately, I think as long as Gary Gensler is in charge, we won’t be able to get a bitcoin ETF through. I am SO skeptical about the result ». Definitely, the boss of the SEC always finds himself at the center of concerns, even when he does nothing.
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