The director of Digital Assets Strategy at VanEck, Gurbacs made claim in his interview with CNBC Africa’s Crypto Trader. The SEC so far has rejected nine similar proposals, citing concerns about manipulation and market surveillance in the crypto spot market.
The comments came in the wake of VanEck’s persistent requests to the US securities regulator to approve their bitcoin ETF proposals.
VanEck has been in the news for meticulously modifying its ETF application to address the SEC’s concerns. In times when the nascent crypto industry sometimes still works in a grey area of law, VanEck is attempting to launch a crypto ETF under a conventional regulatory watch.
A Bitcoin ETF could attract billions of dollars in new investments, so the Securities and Exchange Commission (SEC) should treat pending proposals as an opportunity to regulate the crypto market, said crypto exchange-traded fund advocate Gabor Gurbacs.
If the SEC approves their ETF application, then it could certainly pave the way for both regulators and industry companies to understand how crypto fits into the federal regulatory framework.