The Securities and Exchange Commission (SEC) has not given any go-ahead to any ETFs, including the Winklevoss Twins, but SEC Chairman Jay Clayton recently spoke about the ETF in digital currency in a interview with CNBC.
Citing fears of market manipulation, security of custody and centralization, Jay Clayton said he expected the market to have "better surveillance and custody services" before consent effective at Bitcoin ETF.
It's a problem that needs to be sorted out before I feel comfortable. Clayton said at the Consensus Invest conference in Manhattan. "
S addressing CNBC, he has shown himself very concerned about the interest of investors and said the cryptography market is a lack of monitoring tools. It does not have a security tool because stock exchanges try to prevent abusive and manipulative activities. He does not think investors would benefit from a fair pricing of bitcoin.
Addressing possible problems with ETFs, Clayton noted:
"What investors are expecting is that trading the feedstock that underlies the ETF makes sense and does not pose a risk of manipulation",
However, the delay is not surprising, but it would be a daunting one for cryptography enthusiasts waiting for the ETF to become mainstream. At the conference, Clayton mentioned the Nasdaq and the NYSE, where "surveillance is a big concern". He said;
The New York Stock Exchange and the Nasdaq have what is called "surveillance", or systems that monitor, prevent and investigate abusive and manipulative trading activities. "This type of backup does not currently exist in all trading venues where digital currencies are trading,"
Clayton wants to ensure that, if the ETF is approved, its underlying asset must be secured with superior custody and a lot of oversight. Interacting with Glenn Hutchins, Panel Moderator Silver Lake Partners, said Clayton
"We have seen theft of digital assets that make you scratch your head," he says. "We want the assets underlying this ETF to be well-maintained and not go away."
In summary, two topics were highlighted in a global conversation: a better way to repress an ICO and solve security problems before ETF approval. He said the ICO should always be considered as security. He keeps on;
"If you're financing a business with a chip offer," you have to start by assuming you start with an offer of securities, "
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