Recently news broke that cryptocurrency index fund provider Bitwise Asset Management has connected with the United States Securities and Exchange Commission (SEC) to dispatch another Bitcoin exchange trade exchanged reserve.
Ed Tilly, CEO, president, and director at the Chicago Board Options Exchange (CBOE) announced that there is a requirement for Bitcoin (BTC) trade exchanged notes (ETNs) all together for Wall Street institutional investors to join the crypto space.
SEC brings charges in Edgar hacking case https://t.co/OpiEhKNJUf
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Tilly announced that “the development of Bitcoin in recorded markets is still hamstrung by the trading product geared mother and-pop speculators.” According to hihttps://www.thecoinrepublic.com/bitcoin-is-good-not-manipulable-by-any-government-says-new-us-chief-of-staff/m, the Bitcoin future did not see significant development due to the absence of a note or tracker attached tied to BTC that retail customers could trade.
Chairman Clayton's statement on EDGAR hacking enforcement action https://t.co/OK816E9sow
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The article explains that the two prospects and trade exchanged notes are vital for offering passages to Wall Street-type financial specialists. Tilly continued:
“The power of having that future there is also having an ETN that is more attractive to retail, and then institutions can lay that risk off on the listed futures market. Absent that leg and introducing trackers or notes, I think we will be in this, ‘It trades every day, but it is not the story.’”
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As indicated by Tilly, the motivation behind why regulators did no favor a Bitcoin-exchange-traded product, for example, the still-pending exchange-traded fund (ETF) applications, is that the regulators cannot protect investors from manipulation on a market they cannot control. “You answer that question, you get your first ETN,” concluded Tilly.
Crypto business entrepreneur and regular contributor of CNBC Brian Kelly guaranteed that there is no way for a Bitcoin (BTC) ETF approval in 2019.