The CEO of crypto exchange BitGo, Mike Belshe, gives 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 politics. It’s not actually a matter of legislation. And that’s why it’s very difficult to predict whether an ETF will be approved…
This means that there is political pressure that has nothing to do with what is written or the regulations that are written. And instead it’s about the influence of people within Washington.
So remember, Senator, right after Biden was elected [Elizabeth] Warren showed up and said very publicly, “We’re going to phase out all this crypto stuff,” and she encouraged Biden to do that.
She’s at the center of a lot of what’s going on with the SEC and also with the Biden administration. There is political influence. The laws didn’t change and yet the rules changed.”
According to Belshe, “predictable and understandable” rules are needed to maintain America’s economic competitiveness and the status of the US dollar as a global reserve currency.
“America should strive for legislation that creates regulation. aand the regulation must contain rules that are clear and easy to understand for everyone.
And precisely because you have a new administration, the rules do not change without the text changing. That’s where we need to be. I think Democrats and Republicans should all be able to get behind that. It’s a pretty simple concept.”
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