Mike Belshe, CEO of crypto exchange BitGo, in a spotlight Bitcoin He offered his views on why the exchange-traded fund (ETF) has not yet been approved by the SEC.
In a new interview with Kitco News, Belshe says politics plays a major role in why there is no spot-based Bitcoin ETF in the US.
“This is a political issue. This is not actually a legal issue. That’s why it’s so hard to predict whether an ETF will be approved or not…
This means that there is political pressure that has nothing to do with what is written or the regulations. Instead, it’s about people’s influence within Washington.
Immediately after Biden was elected, Senator Elizabeth Warren came out and publicly said, ‘All this crypto- remember that he said, ‘we will solve their problems’ and encouraged Biden to do so.
He is at the center of much of what is happening at the SEC and in the Biden administration. There is a political impact. “The laws haven’t changed, but the rules have.”
According to Belshe, “predictable and understandable” rules are necessary to preserve America’s economic competitiveness and the U.S. dollar’s status as the global reserve currency.
“America must strive for legislation that sets regulations. The regulation should also have rules that are clear and easy for everyone to understand.
And just because a new administration has arrived, the rules should not change without changing the text. This is where we need to be. I think Democrats and Republicans should all be able to stand behind this. “It’s a pretty simple concept.”
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