Rick Edelman: “The SEC has run out of arguments against launching a Bitcoin ETF” – Bits Media

Rick Edelman, founder of consulting firm Edelman Financial Engines, says, that in the next two years the SEC will approve the launch of a Bitcoin ETF, as the cryptocurrency market matures.

During an interview with CNBC, Rick Edelman (Ric Edelman) suggested, that the commission on valuable US papers and exchanges (SEC) may approve the launch of a Bitcoin ETF this year. According to Edelman, he makes similar predictions every year for seven years, and hopes, that someday he will be right.

"Hope, what will happen if not in the next twelve months, then in 2023 year. The fact, that the SEC is running out of excuses, to say no", – Edelman said.

He explained, that the maturity of the cryptocurrency market and its rapid development should eliminate the regulator’s doubts regarding the approval of applications to launch Bitcoin ETFs. SEC Chairman Gary Gensler (Gary Gensler) motivates the position of the department of topics, that it will not be able to sufficiently control this investment product. But in this case, the SEC is not able to completely control gold and oil, Edelman said.

The founder of Edelman Financial Engines added, that investors, interested in cryptocurrency ETFs, and unable to access them in the US, “go” to other countries, where they are allowed. What's worse, people are forced to use unregulated sites, at risk of losing funds.

Edelman called this a good reason, why the SEC must approve a Bitcoin ETF, which will be a step towards protecting consumer rights. According to him, About a quarter of Americans now own BTC, and given the growth of its popularity, by the end of the year, a third of US citizens will own it.

“A lot of people are investing in Bitcoin., they just don't advertise their investments. They can be compared to teenagers, those buying beer", – Edelman joked.

Bitwise Director of Investments Matthew Hogan (Matthew Hougan) agreed with Edelman, that industry efforts to address SEC concerns about cryptocurrencies could “bear fruit” this year. Really, cryptocurrency companies express their willingness to cooperate with regulators and contribute to the development of rules for the supervision of digital assets.

Hogan thinks, that the cryptocurrency market has already matured, Therefore, it is time to overcome SEC resistance in launching cryptocurrency ETFs. Hogan previously stated, that Bitcoin futures ETFs are not suitable for long-term investors due to additional costs.