One of the heads of the financial regulator explained why the launch of a new crypto-currency instrument is constantly postponed and named several main problems of the industry that need to be solved
Securities and exchange Commission (SEC) member Robert Jackson told when the regulator will be able to approve the launch of Bitcoin-ETF. According to the expert, this is impossible as long as the fundamental problems of the digital money market remain unsolved, writes CCN
Jackson explained that the cryptocurrency lacks liquidity and transparency, and investors are very poorly informed in this area. Another problem of the market is the insufficient number of market makers.The expert stressed that the SEC should decide which cryptocurrencies can be considered as securities, and which do not fit this definition.
“The SEC will be ready to move on with bitcoin-ETF approval once the market reaches the next stage of development,” Jackson said.
He stressed that the approval of the ETF for the first cryptocurrency is not a matter of time, but a matter of changes. At the end of may, the Commission rescheduled the application from VanEck and Solids until August 19. The same thing happened with the offer from Bitwise.