The US Securities and Exchange Commission (SEC) approved the Volt Equity Bitcoin ETF in early October, taking a revolutionary step towards a pure Bitcoin ETF.
While the Volt Equity ETF is far from a pure Bitcoin ETF, it will allow US citizens to invest in Bitcoin for now.
Volt Equity CEO Tad Park expressed his support for the SEC, saying that he thinks the SEC has a good reason for the slow progress of the Bitcoin ETF approval process.
In an interview with Fox Business, the famous CEO stated that SEC Chairman Gary Gensler actually supports Bitcoin, but has been misunderstood due to his perspective on crypto regulations in the US.
Park stated that the SEC is meticulous in protecting investors, and in this context, the SEC is worried that companies that apply for ETFs can actually protect their assets.
“I could say ‘I have a gold ETF or a Bitcoin ETF’ but I keep that gold in my basement. Will the SEC allow this? Probably not. Their application is not going to work unless companies show they can actually retain it and address many of the issues Gensler specifically mentioned.”
Park argued that at least half of the applications to the SEC were made without considering Gensler’s statements and were therefore invalid.
The famous CEO stated that the approved Volt Equity ETF does not provide direct exposure to Bitcoin, instead they follow companies such as Tesla, MicroStrategy, Twitter and Square that focus on Bitcoin and get most of their income from Bitcoin.