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The US Securities and Exchange Commission (SEC) will make an important decision on the approval of Ethereum ETFs within the next week. However, according to Ric Edelman, President of the Digital Assets Council of Financial Professionals, the lack of a comprehensive regulatory framework for cryptocurrencies could lead to a negative outcome.
Edelman, a famous investor and personal finance writer, expects another delay in the decision. “I think there will be another delay, which obviously isn't all bad news,” he said in an interview on CNBC's “ETF Edge” this week.
However, the SEC will have two options, either an approval or a rejection, in its decision on May 23. But a rejection also ultimately means a postponement.
“Without any police on their heads, it forces investors to go on their own outside of the investment advisory community because the community can't help them because we don't know what the rules are,” Edelman said. And they find themselves involved in fraud and fraud.” said.
Edelman also criticized SEC Chairman Gary Gensler's refusal to write regulation, stating that it “actually hurts the consumer rather than helps.”
Meanwhile, Bitwise Asset Management's Chief Investment Officer Matt Hougan is also defending the new rules. Hougan argued that “80-year-old securities laws do not fit neatly into this world of digital assets, crypto and 21st century technology.” Hougan believes that everyone wants a safe and secure platform where investors are protected and innovation is assured.
Bitwise has its own filing for a spot ethereum ETF, and Hougan remains hopeful that it will arrive. “We've entered the ETF era for crypto. We've seen Bitcoin ETFs come to market. We've seen the great things they've done for investors, lowering costs, improving regulations, increasing safety, security and peace of mind. I think we'll achieve that on Ethereum as well,” he concluded.
*This is not investment advice.