Pompliano Says Bitcoin is Best Performing Asset, Wall Street Demands Access While SEC Faces ETF Approval Dilemma

Pomp Investments founder sees Bitcoin as the top-performing asset in 2023 despite regulatory hurdles, noting that Wall Street eagerly awaits ETF approval.

According to Anthony Pompliano, Pomp Investments’s founder, Bitcoin has established itself as the top-performing asset in 2023, experiencing significant price gains despite recent regulatory hurdles.

Pompliano expressed this sentiment recently when asked for commentary in an interview with Squawk Box CNBC regarding the spot Bitcoin exchange-traded funds (ETFs) proposed by BlackRock and Fidelity.

“#Bitcoin is the best performing asset in the first half of the year. Wall Street is saying, ‘We want access to this thing,’ and they’re knocking on the door now,” says @APompliano. “The SEC is going to have to make some decisions on which applications they’re going to approve.” pic.twitter.com/chgTNPnWFt

— Squawk Box (@SquawkCNBC) July 3, 2023

Clarifying SEC’s ‘Inadequate’ Tag to ETF

The Securities and Exchange Commission (SEC) reportedly raised concerns about the adequacy of BlackRock and Fidelity’s applications for spot Bitcoin ETFs. Pompliano provided insights into the SEC’s concerns and the implications for Bitcoin’s future.

He expressed that the SEC’s issue lies with the lack of clarity regarding surveillance-sharing agreements in the ETF applications. Pompliano argued that the agency did not outrightly reject the applications; it only sought detailed information on which entities would be involved in these agreements.

The Bitcoin entrepreneur highlighted that CBOE, one of the proposed ETF issuers, has already responded to the SEC’s concerns by clarifying that the surveillance sharing agreements will be established with Coinbase.

Pompliano expects NASDAQ and BlackRock to promptly follow suit and address the SEC’s concerns. He believes the issue is a minor detail and more of a formality rather than a significant obstacle to approval.

The Wall Street Is Eager to Trade Bitcoin

Pompliano also highlighted the growing demand for Bitcoin from Wall Street, indicating that the financial industry is eager to gain access to the crypto market. He expressed that the SEC now faces the challenge of determining which applications to approve and how to allow investors to gain exposure to Bitcoin through ETFs.

He stressed that a Bitcoin spot ETF approval is highly anticipated, and once it happens, significant capital in billions of dollars is expected to flow into the market. Recall that a Forbes contributor recently projected a $15 trillion quake in the crypto market, given the recent EFT filings, as The Crypto Basic reported.