SEC Chair Gary Gensler is “pro-Bitcoin,” Vault Equity CEO says
Vault Equity founder has strong reasons to believe that the regulators in the United States have a justifiable reason for being slow in approving the pure-Bitcoin related exchange-traded fund (ETF).
Tad Park, Vault Equity’s founder and CEO, has sounded support for the US Securities Exchange Commission regarding the board’s unwillingness in approving an ETF for tracking Bitcoin directly.
In Tuesday’s Fox Business Review, Park was seen arguing that Gary Gensler, the SEC Chair is “actually pro-Bitcoin”. However, he is “a little bit misunderstood” about his perspective on crypto regulation in the United States.
Park has particularly referred to the SEC’s investor protection concerns, especially that cryptocurrency custody providers are yet to assure the SEC of proper asset protection. He said that unless the crypto trading companies operating in the country do not actually address the issues Gensler specifically pointed at, “it’s not gonna work.”
Park has also said that about “at least half” of current crypto ETF applications lying with the SEC “are not even valid” for the simple reason that they are far from addressing what Gary Gensler has been saying.
He also emphasized that Vault Equity’s crypto ETF provides no direct exposure to Bitcoin; rather, it tracks major Bitcoin-related firms, including Tesla, MicroStrategy, Square, Twitter and Bitfarms.
In trying to get what people are actually on the lookout for, companies are influencing the Bitcoin price movement. These companies have a very real focus on Bitcoin, and hence they get the majority of their revenues from Bitcoin. Park noted that this correlation makes sense and fits the scenario wherein these companies “tend to move along with Bitcoin’s price.”
Vault Crypto Industry Revolution and Tech ETF by Volt Equity launched on October 1 is built to track “Bitcoin Industry Revolution Companies,” which is a list of firms either holding a majority of their net assets in Bitcoin or deriving a huge portion of their income from Bitcoin mining, transactions or lending.
The SEC hasn’t yet approved a pure Bitcoin ETF. On October 1, the SEC has further extended the deadline for four Bitcoin ETFs, including Valkyrie XBTO Bitcoin Futures Fund, Global X Bitcoin Trust, Kryptoin Bitcoin ETF AND WisdomTree Bitcoin Trust.
Back in August 2021, Gensler had suggested that the SEC might be open to approving Bitcoin ETFs in the near future.