interview<\/a> with CNBC Television, Tom Farley, the former president of NYSE and current chief executive of the crypto exchange platform Bullish, says that Bitcoin exchange-traded funds (ETFs) will flood the king crypto and the digital assets industry with cash.<\/p>\nHowever, Farley notes that he\u2019s not optimistic that a BTC ETF will be approved this year.<\/p>\n
\u201cI guess I\u2019m a little less optimistic of the immediacy of an approval, in other words, like November or even December. The current Chairman and the SEC (U.S. Securities and Exchange Commission) have said they believe that pretty much everything in crypto, with the exception of Bitcoin, sometimes Ethereum, and possibly stablecoins are securities. <\/em><\/p>\nAnd securities, at least in the United States, need to trade on a nationally-recognized exchange and they do not today. And I think these two issues, at the moment, are interwoven. That doesn\u2019t mean they can\u2019t be decoupled, but I think there\u2019s a view that \u2018Hey, if these don\u2019t trade on an exchange, how do we know that the underlying prices are trustworthy?\u2019\u201d<\/em><\/p>\nFarley goes on to say while he may not believe BTC ETFs will be approved this year, the fact that regulators and investors acknowledge that Bitcoin isn\u2019t a security may speed up the approval process.<\/p>\n
\u201cThe thing about Bitcoin that gives me some optimism is that everyone acknowledges Bitcoin is not a security, including the regulators, so possibly the Bitcoin ETF does go ahead more quickly, which would be great for the industry because money will flood into the industry with a Bitcoin ETF. It\u2019s just easy to buy. <\/em><\/p>\nPeople believe in Bitcoin, Bitcoin is going to be here, Bitcoin is a great invention. It just is. It is a store of value, I know it\u2019s volatile, [but] it is a store of value.\u201d<\/em><\/p>\n