- Tom Farley, former president of the New York Stock Exchange (NYSE), is optimistic about Bitcoin ETFs, stating that if such a product is approved in the United States, ‘money will flow into the industry.’
- The U.S. Securities and Exchange Commission (SEC) has not approved any Bitcoin ETFs yet, but recent discussions with the agency indicate that applicants are making steady progress.
- Farley mentioned that the crypto exchange Bullish offers trading for only 25 “compliant” coins and focuses on regulatory oversight and approval, setting it apart from competitors.
Farley, former chairman of the New York Stock Exchange (NYSE), evaluated what impact spot Bitcoin ETFs in the US could have!
Former NYSE President Evaluates Bitcoin ETFs
Tom Farley, the former president of the New York Stock Exchange (NYSE), is optimistic about a Bitcoin ETF, asserting that if such a product is approved in the U.S., ‘money will flow into the industry,’ and despite Bitcoin’s volatility, it is a legitimate ‘store of value.’
Currently serving as the CEO of the crypto trading platform Bullish, Tom Farley stated in a statement on Tuesday that Bitcoin is generally the only crypto asset among U.S. regulators that is not considered a security. He suggested that this circumstance might make regulators more willing to approve an ETF for the asset.
Farley said, ‘Money will flow into the industry with a Bitcoin ETF; it’s very easy to get into it,’ and added, ‘People believe in Bitcoin. Bitcoin is a great invention.’ About ten asset managers, including BlackRock, Fidelity, and Franklin Templeton, are in a race to launch a Bitcoin spot ETF in the U.S. The U.S. Securities and Exchange Commission (SEC) has not approved any yet, but recent discussions with the agency indicate that applicants are making steady progress.
The deadline for approval or rejection for the Ark/21Shares Bitcoin ETF is January 10th, and some bulls believe it is a date almost guaranteed for ETF approval. Others think that an Ethereum spot ETF recently filed by BlackRock and others could be approved shortly after.
However, Farley, due to the SEC’s likely strict stance on cryptocurrencies other than Bitcoin, which is considered a security, is less optimistic about the ‘instant probability’ of approval in November or December compared to other crypto bulls. Farley stated:
“At least in the U.S., securities have to trade on a nationally recognized exchange. Right now, they don’t have such a situation, and I think these two issues are currently intertwined.”
NYSE President’s Crypto Exchange
Farley mentioned that the crypto exchange Bullish offers trading for only 25 “compliant” coins and focuses on regulatory oversight and approval, setting it apart from competitors. He said, ‘Most old exchanges are involved in criminal investigations, major civil investigations, and are in a non-compliant situation. Winning exchanges will be reliable and appropriate.’
Major crypto exchanges like Binance and Coinbase currently face operating charges as unregistered security exchanges by the SEC, with allegations that many tokens traded on each platform could be classified as investment contracts according to claims.
