- He believes the regulatory climate in the U.S. has already changed
- The segment has become safer and more regulated for investors
- This increases the chances that companies will get SEC approval
This week the World Economic Forum takes place in Tianjin, China.. Among others, the event was attended by the CEO of USDC Circle issuer Jeremy Aller. In a media commentary, he talked about the chances of spot bitcoin-ETFs in the United States.</nbsp;
Remember, the BlackRock fund launched a whole “wave” of new exchange-traded products, having filed papers with the SEC in mid-June. WisdomTree, Valkyrie and Invesco made similar requests to the regulator.</nbsp;
And analysts praise the counterparties’ chances of a positive response from the Commission.. Circle CEO Jeremy Aller shares this view:
“I believe we have made significant progress in this direction through more mature market structures that will support such a product. We have a well-developed spot direction, regulated custodial infrastructure, appropriate oversight.”
Aller here seems to be referring to the new cryptocurrency storage rules in the U.S.. The Securities and Exchange Commission (SEC) introduced them in February. Notably, major counterparties, including Coinbase, have criticized the innovation.
Aller stressed that many of the points that have caused the regulator concern in the past have been resolved. This significantly increases the chances that the new product will still be allowed to enter the open market.
This is a good chance that the new product will be allowed to enter the open market.