Kraken CEO Hopeful for Bitcoin ETF Approval Despite SEC Delays

• Kraken CEO predicts US will get a Bitcoin ETF, but can’t pinpoint timing due to unpredictable SEC delays.
• While other nations have crypto ETFs, SEC continues to put off US Bitcoin ETF decisions.
• Crypto companies flood SEC with Bitcoin ETF filings, eager to meet investor demand.

In an exclusive interview on Fox Business, Kraken CEO Dave Ripley discussed the outlook for crypto ETFs in the U.S. market. While confident approval is inevitable, Ripley cautioned that the unpredictable posture of the Securities and Exchange Commission (SEC) makes timing unclear.

I am certain we will have a Bitcoin ETF in the US at some point in time,” affirmed Powell. “Other countries already offer [crypto ETFs].

As a major crypto exchange and benchmark provider, Kraken has a unique vantage point on ETF applications. The company supplies reference rates for several filings under SEC review.

Yet despite the growing clamor from investors, the commission continues to put off decisions. “The SEC is not the most predictable,” said Riley.

Nonetheless, Riley remains “hopeful one of these in the queue will get through,” potentially even in 2023. More likely, however, he believes, is an approval at some point next year.

The sluggish pace of adoption in the U.S. stands in contrast to other regions that have embraced crypto ETFs. In Canada and Europe, fund providers already offer Bitcoin and Ethereum ETFs to retail investors.

Critics contend the SEC’s hesitance stunts financial innovation and forces U.S. investors to miss out on opportunities available abroad. The agency counters that existing filings lack adequate protections against manipulation and illicit activities.

There has been a surge of activity around Bitcoin exchange-traded funds (ETFs) in recent months. Several companies have now filed proposals with the Securities and Exchange Commission to launch a Bitcoin ETF in the U.S.

The filings have come from a diverse array of firms, including asset managers, cryptocurrency companies, and financial industry stalwarts. Major names include Fidelity, SkyBridge Capital, Valkyrie Investments, and Grayscale.

The crypto industry scored a recent win with the Commodity Futures Trading Commission’s approval of Coinbase’s application to offer crypto derivatives trading. However, excitement is tempered by the ongoing wait for a Bitcoin exchange-traded fund (ETF) to receive SEC approval.