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FTX Chief Calls Bitcoin ETF Approval “Huge Step Forward”, Plans to Expand Business to US


u.today 22 October 2021 10:57, UTC
Reading time: ~1 m

As reported by CNBC, chief executive of the FTX crypto trading venue, Sam Bankman-Fried stated that the fact of the SEC greenlighting a Bitcoin futures ETF is a “huge step forward” in the USA. Once the company overcomes all legal and regulatory hurdles, it plans to expand its business to the US as well.

Recently, FTX has raised $420.7 million evaluated at a whopping $25 billion.

Bankman-Fried expects more regulated crypto products in the US

ProShares’s Bitcoin futures ETF (under the BITO ticker) began trading on the NYSE on Tuesday, rising by over 4 percent on its debut.

Another BTC futures exchange-traded fund, by Valkyrie, is to kick off on the Nasdaq today.

The FTX chief executive expects that soon enough more structured crypto products may emerge in the USA on regulated platforms. Therefore, he claimed, more regulation for markets and exchanges may happen soon there.

FTX solving regulatory issues in the US

Even though, the exchange already has offices in several US locations, such as Miami, Chicago, etc, Bankman-Fried said that they have certain regulatory and licensing hurdles in this country.

At the moment, according to the CEO, the FTX legal team is working with the CFTC and the SEC, as well as some other regulatory agencies, to find a way for FTX to conduct licensed and regulated operations in the US.

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