The 'godfather of ETFs' says a Bitcoin ETF will be approved 'no time soon'

02 Nov, 2018
by Richard Allen
News
The 'godfather of ETFs' says a Bitcoin ETF will be approved 'no time soon'

Reggie Browne, often referred to as the “godfather of ETFs,” has said that Bitcoin Exchange-Traded Funds will be approved “no time soon,” Business Insider reports.

Browne is a senior managing director and head of ETF trading at Cantor Fitzgerald. Speaking at Georgetown University’s Financial Markets Quality Conference in Washington D.C., he explained that ETFs will only be approved once there is a solid regulatory framework in place. For now, "it's very difficult for the commission to wrap their heads around a positive approval because there's no data yet ... the markets just aren't here."

Browne’s statement echoes that of the world’s largest asset manager, BlackRock, which stated recently that it won’t be offering a cryptocurrency ETF until the industry is legitimate.

While a Bitcoin ETF has long since been viewed as the next step in Bitcoin’s evolution, the idea has been met with resistance from regulators who aren’t convinced that the crypto markets are properly monitored. In August, the SEC rejected several applications to list and trade BTC ETFs from companies ProShares, Direxion, and GraniteShares.

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Read more about: Bitcoin (BTC)

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