Volt Equity CEO Claims SEC Chairman Gary Gensler Is For Bitcoin
Volt recently received approval from an ETF that includes shares of several cryptocurrency-related companies.
Park specifically addressed the SEC’s concerns about investor protection, namely that cryptocurrency custody providers have yet to assure the commission that they can ensure adequate asset protection:
“I can say ‘I have a gold ETF or a Bitcoin ETF’, but imagine storing that gold in my basement. Would the SEC allow it? Probably not. Unless companies can show that they can guard it and really address a lot of the issues that Gensler specifically mentioned, it won’t work. “
The CEO added that “at least half” of cryptocurrency ETF applications currently with the SEC “are not even valid” because “they are not considering what Gary Gensler says.” Park emphasized that the Volt Equity cryptocurrency ETF does not provide direct exposure to Bitcoin, but instead tracks major Bitcoin-correlated companies, including MicroStrategy, Tesla, Twitter, Square, as well as Bitcoin mining companies such as Bitfarms.
“We try to get to what people are really looking for, which is the correlation with the price movement of Bitcoin. These companies are really focusing on Bitcoin and making most of their income and profits from Bitcoin. It makes sense that they tend to move along with the price of Bitcoin, ”Park noted.
Approved on October 1, Volt Equity’s “Crypto Industry Revolution and Tech” EFT follows the “Bitcoin Industry Revolution Companies”, a list of companies that have the majority of their net assets in Bitcoin and obtain the most of your earnings from mining, borrowing, or Bitcoin transactions.
The SEC has yet to approve a Bitcoin ETF on October 1, and it extended the deadline for four Bitcoin ETFs, including Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin. In August, Gensler suggested that the regulator might be open to approving a Bitcoin futures ETF.
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