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In order to give a positive effect to the Bitcoin ETF's situation, regulators from the European Union have stated that they could reduce regulatory pressure on cryptocurrencies if a Bitcoin ETF was approved.
The European Financial Advisory Group had previously stated that cryptocurrencies could pose a threat to investors and the presence of market integrity. The report made public says:
"These issues are not unique to cryptographic badet trading platforms; they can be exacerbated in the case of cryptographic badets because of their high price volatility and low liquidity. "
The report also asks local governments not to legalize cryptocurrencies because of their volatility and the fact that they are not financial instruments. At the same time, the body also recommended a uniform way to regulate cryptocurrencies. Several organizations have shown a keen interest in Bitcoin ETFs, the main one being the Gemini exchange run by the Winklevoss brothers.
Recently, the Winklevoss said that the US Securities and Exchange Commission called for increased market surveillance and protection of the market. Cameron Winklevoss said:
"We understand the concerns of the commission. We have heard them loud and clear and they are essentially calling for increased market surveillance and market protections to avoid, avoid manipulative behavior, and so on. Thus, Gemini has set up a market surveillance team. "
The brothers also spoke about the creation of the Virtual Commodity Association, a cryptocurrency industry self-regulatory organization in the United States. The Winklevoss brothers added:
"We get a conservative commission on this, and that makes a lot of sense because it will be the first of a lot of products of this type. So, we have to do things well. So, we are ready to accept the fact that we have to do our homework. "
But at the same time, the Bitcoin ETF also has its critics, the most recent being the CoinShares CSO. Meltem Demirors, the CSO, said the SEC would not approve the Bitcoin ETF. He said:
"I think people forget that the SEC and the CFTC are named people; they are political positions. So, in the current stalemate where the Democratic House and the Republican Senate are, there are conflicts, there are very different points of view on financial innovation and what should happen, but I do not think there is any. There is no benefit in approving an ETF. [sic.]"
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