Former NYSE President Predicts Influx of Money Into Bitcoin Upon ETF Approval

The Benefits of a Bitcoin ETF

The former president of the New York Stock Exchange (NYSE) sees a bright future for the cryptocurrency industry with the approval of a Bitcoin ETF. Tom Farley, who is now the CEO of Bullish, believes that the introduction of a Bitcoin ETF will lead to an influx of money into the industry. According to Farley, Bitcoin is a legitimate store of value despite its volatility. Farley also emphasized that Bitcoin is the only crypto asset that is recognized as a non-security by U.S. regulators, making it a prime candidate for an ETF.

Challenges and Opportunities in the U.S. Market

Several asset managers, including BlackRock, Fidelity, and Franklin Templeton, are racing to be the first to launch a Bitcoin spot ETF in the United States. While the SEC has yet to approve one, conversations between the applicants and the agency suggest that progress is being made. Farley believes that there is a high likelihood of ETF approval by January 10 next year, with the potential for an Ethereum spot ETF to follow soon after.

However, Farley is less optimistic about the immediate approval of an ETF, citing the SEC’s rigorous stance on non-Bitcoin cryptos, which it considers to be securities. According to Farley, these assets must trade on a nationally recognized exchange, which they do not currently do, presenting additional challenges.

Regulatory Oversight in Crypto Trading

Farley also highlighted the efforts of Bullish, his crypto trading platform, to maintain compliance and regulatory oversight. He pointed out that many major exchanges, like Binance and Coinbase, are entangled in legal issues related to non-compliance and regulatory violations. Bullish, on the other hand, only offers trading for 25 compliant coins and prioritizes regulatory approval as a trusted and compliant exchange.

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Hot Take: Tom Farley’s Key Predictions

Tom Farley, the CEO of Bullish and former NYSE president, is optimistic about the impact of a Bitcoin ETF on the cryptocurrency industry. He believes that the approval of such a product in the United States will lead to a significant inflow of money, despite the ongoing challenges related to regulatory approvals. Farley is cautiously optimistic about the likelihood of ETF approval by January 10, emphasizing the need for compliance and regulatory oversight in the crypto trading space.