The supposed Godfather of ETF Reggie Browne has claimed that the exchange-traded funds of the BTC stand no chance of being approved anytime soon. In order, it does not stand any chance of being certified. The Godfather is supposedly the highest ranked official (senior managing director) of the entire ETF trading which is located at the financial services corporation Fitzgerald.
The firm Cantor Fitzgerald is more focused on institutional equity, the ordinary trading and so much more. This firm is said to have a very large customer base which is said to number about 5000 customers. These customers or clients come from different fields such as banking and investment, real estate and so much more.
During his speech which was given at the financial market conference which would hold in Georgetown University, Reggie asserted that the ETFs would only be confirmed and approved for launch when the framework in that particular industry has been looked into and cured of all its defects. He asserted further that the Securities and Exchange Commission could never approve something which had no data to analyze.
The Securities and Exchange Commission could never approve something which had no data to analyze.
It is worth remembering that earlier today, the head of the investment management corporation in the person of BlackRock also made a very similar statement to the current state of the ETFs. This is seen when he said that the ETFs would have to have the support of a government and that before that government can actually approve anything as regards that, that government would want to have details about such instruments to ensure that they are not being used for different illegal activities around the country.
There have been a lot of applications which has been rejected as regards to ETFs. Such rejections were approved by the US through the CEO of Abram Bill. He also hinted that the reason for all the rejection which has taken place in recent times is because of the incompatibility of the industry and the applicant’s purpose that has been outlined. Most of the applications which have been rejected have been from those who the SEC fully believes would not fit in anyway whatsoever into what the SEC is looking for in a business.
It is worth remembering that about 9 applications have been rejected so far and the number appears to be going up with every passing day.
Want to read more news? Visit our bitcoin news page.