The United States Securities and Exchange Commission “unlikely” will approve bitcoin trading fund?
A lawyer to help make the first bitcoin Exchange Traded Fund (ETF) for the U.S. Securities and Exchange Commission (SEC) will approve such a request at any time in the near future, but this is indeed doubtful.
Before Gemini DavidBrill’s general counsel may reduce a lot of criticism, because of his old employer to obtain a deadline in March 11th approved the experimental product.
Although Brill is quick to point out that he is bitcoin ETF to create “supporters”, and support bitcoin regulation more broadly, but this prediction and good sign is not successful.
In an interview with the CoinDesk, Brill explained that he thinks the government influence factors Chinese bitcoin price is unlikely to make bitcoin approved.
“All the reasons, the U.S. Securities and Exchange Commission is unlikely to want to promote a major transaction in a may not follow the anti money laundering Standards Exchange finished product.”
Brill in 2003 to 2010 in ThompsonFinancial (then bought Reuters), is a 20 year experience in lawyer occupation.
Before leaving the Gemini last year, Brill is the general counsel of the New York stock exchange, when he said he helped create the exchange of legal infrastructure, and the S1 revision of the document to give some response.
According to the CoinDesk block chain third quarter status report, although Brill believes bitcoin ETF will eventually appear in the large stock exchange, but he said the SEC is unlikely to do so, because all of the bitcoin transactions, there is 95% in the China.
He said, adding the government recently hit Chinese encryption currency transactions and anti money laundering practices, it is more likely to approve.
More importantly, the vast majority of transactions are completed in the United States, but in a rules and regulations and the rules of inconsistencies completed.”
Later today, the Brill program in the U.S. state of Florida Lawyers Association (ABA) said derivatives and futures legal committee meeting.
He is going to at the committee meeting detailing his concerns about the future of bitcoin ETF, and the potential impact of the Comptroller of the currency of the federal financial technology charter plan, these plans may eventually give some bitcoin company to give the bank identity.
Brill said, in addition to have concerns about the approval of bitcoin ETF, said on the articles of Association for all meet the requirements of the bitcoin exchange, but he is still skeptical.
“I want to say the final charter will bitcoin company publicly, but now, the real differences between charter, scope and state some Democratic senators and OCC have some real problems to be solved.”
Specifically, Brill pointed out the individual state of opposition, some claim that OCC is ultra vires, even the ultimate goal is to make America more competitive than other countries.
Earlier this week, the director of the New York Financial Services Authority MariaVullo a written submission to the OCC, against the proposed financial technology company National Bank charter.
“OCC should not take the technological progress as an excuse, attempting to breach the regulation of financial activities in science and technology of national law, all of these activities and the relevant banks and lending, deposit and non deposit activity.”
According to AmericanBanker reports, in addition, on the day before, Senator SherrodBrown (D-Ohio) and JeffMerkley (D-Ore) wrote a similar letter, in opposition to the Charter, they think this will make the “predatory financial service providers” breeding.
Change is coming
In DonaldTrump as president shortly before the inauguration, Brill said he in the future bitcoin’s future environment of cautious optimism.
From local business point of view, he predicted that Trump would take to support bitcoin position.
However, considering that the Trump policy is expected after the “trade war” concerns, Brill said, the dominant position of bitcoin transactions in the country may become an obstacle.
In today’s ABA speech, Brill said he plans to discuss a greater tendency for bitcoin startups to create a more rich regulatory environment.
“I want to try to see what method can make bitcoin companies easier to extend to the United States, because now, this is very difficult, because each country has different needs.”