Crypto exchange BitGo CEO Mike Belshe shares his opinion on why a spot Bitcoin (BTC) exchange-traded fund (ETF) has yet to be approved by the US Securities and Exchange Commission (SEC).
In a new interview on Kitco News, Belshe says politics plays a major role in why there is no spot-based Bitcoin ETF in the US.
“It’s political. It’s not actually a question of law. And that’s why it’s very difficult to predict whether an ETF will be approved…
That means there is political pressure that has nothing to do with what is written or the written regulation. Instead, it’s about the influence of people inside Washington.
So, right after Biden’s election, think about the senator [Elizabeth] Warren showed up and publicly said, “We’re going to wind down all the crypto stuff,” and she encouraged Biden to do that.
It is at the center of much of what is happening at the SEC and also at the Biden administration. There is political influence that is taking place. The laws haven’t changed, but the rules have changed.”
Belshe said “predictable and understandable” rules are necessary to maintain America’s economic competitiveness and the U.S. dollar’s status as a global reserve currency.
“America should pursue legislation that creates regulation. And the regulation should contain rules that are clear and easy to understand for everyone.
And just because you have a new administration, the rules don’t change without changing the text. That’s where we should be. I think Democrats and Republicans should all be able to get behind it. It’s a pretty simple concept.”
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