The possibility of a cryptocurrency, or Bitcoin, exchange-traded fund (ETF) continues to make significant impact on the market. Now, finance manager Ric Edelman has made waves by stating that the chance of such an ETF is ”virtually certain”.
Edelman’s comments line up with SEC Commissioner Robert Jackson’s
This comes mere days after Toshi Times previously covered SEC Commissioner Robert Jackson’s similar comments on the matter. At the time, Jackson said that he thinks it is only a matter of time before a Bitcoin ETF that satisfies the SEC’s requirements is submitted.
Now, Edelman – who founded Edelman Financial Engines – has joined Jackson’s positive stance on the prospect of a cryptocurrency ETF in an interview with CNBC’s Bob Pisani, in the segment ”ETF Edge”.
Specifically, Edelman’s comments largely mimicked those of Jackson, highlighting that the SEC will eventually green-light a Bitcoin ETF – even if the cryptocurrency industry still has some ”concerns” it will need to tackle.
”It’s virtually certain. The only question is when. And I don’t know how soon it will happen; the SEC has several legitimate thoughtful concerns that the industry has to overcome, and I’m confident that they will, and eventually we will see a Bitcoin ETF. And it’s at that stage that I will be much more comfortable recommending that ordinary investors participate.”
This comes at an interesting time, as CBOE withdrew its ETF application a few weeks ago. The reason for this was the US government shutdown, and CBOE subsequently refiled its application a few weeks later.
Nevertheless, any new ETF application must adhere to the SEC’s 240-day evaluation deadline, which the commission has made a habit of pushing to the max. As such, many cryptocurrency supporters feared that it might take until late 2019 until the SEC would get around to approving a cryptocurrency ETF.
Could a Bitcoin ETF be approved sooner than expected?
Be that as it may, Edelman remained positive regarding the matter – suggesting that the SEC’s custody demands will be met ”in short order” by either VanEck or Bitwise.
”We’ve got some serious players. Fidelity has made a major announcement in the custody issue. We’ve got Kingdom Trust and a number of other very serious players on the custody side, and I’m confident that in very short order, VanEck or Bitwise will satisfy the custody concern of the SEC.”
Moreover, Edelman also disregarded the premise of price manipulation, comparing the asset class to traditional ETF asset classes, such as oil and gold.
“Another thing is manipulation. I put Bitcoin in the same category as oil and gold – globally traded assets beyond the control of the SEC, and the SEC is just going to have to shrug and say ‘that’s the way it is’.”
Image Source: “Flickr”
Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the cryptocurrency industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.