ETF Godfather Reggie Browne Is Pessimistic About a Bitcoin Exchange-Traded Fund Being Approved
Bitcoin ETFs will not be approved anytime soon according to Reggie Browne, who has been hailed as the godfather of ETFs.
Browne currently is the Senior MD and head of ETF trading at Cantor Fitzgerald which a financial services firm founded in 1945. They specialize in institutional equity, fixed income sales, and trading, and serving the middle market with investment banking services, prime brokerage, and commercial real estate financing. It is also active in new businesses, including advisory and asset management services, gaming technology, and e-commerce.
He warned that no development in ETF will occur till there are regulatory clarifications. On the recent condition of ETFs, Browne stated:
“It's very difficult for the [Securities and Exchange Commission (SEC)] to wrap their heads around a positive approval because there's no data yet … the markets just aren't here.”
Earlier, today BlackRock’s Larry Fink echoed similar sentiments. The CEO of one of the largest investment management corporations said that essentially for ETFs to work it has to be supported by the government. However, considering the sheer number of scams and manipulation around the crypto ecosystem, it is highly looking unlikely.
As of now, the US SEC has upheld 9 ETFs and rejected a couple. However, not all experts are as skeptical about the approval as Browne. Many think that it looms right around the corner.