The founder and the Chief Executive Officer of Volt Equity claimed he believes the SEC has a fair reason to delay the approval of its pure Bitcoin ETF.
Tad Park, the founder and Chief Executive Officer of Volt Equity, revealed his statement that he supports the United States SEC on its unwillingness to approve an exchange-traded fund that focuses on the direct tracking of BTC price performance.
In an interview with Fox Business, Park claimed that Gary Gensler, the chairman of the regulatory agency, is a bitcoin enthusiast, but many people misunderstood him for his perspective and stance on the regulation of cryptocurrencies in the US.
The CEO specifically mentioned the SEC’s continuous mantra, which is investor protection which implies that the regulatory body is yet to get an assurance from the crypto products provider that investors’ assets are safe.
Park also added that close to half of the current applications for an ETF with the SEC are not even in line with the vision of the commission as they are not addressing the concerns of the SEC Chair. He emphasized that the Bitcoin ETF application submitted by Volt Equity does not grant direct exposure to Bitcoin, but it tracks BTC-related firms like Twitter, MicroStrategy, Square, and Tesla as some other BTC mining firms like Bitfarms.
He noted that “We are keen in giving people what they are looking for as it correlates with the movement of BTC price. These firms are generating their revenues and income from bitcoin. It is quite obvious that their movement is parallel with the price of Bitcoin.”
The Volt Crypto Industry Revolution and Tech Exchange Traded Fund submitted by Volt Equity was approved on the 1st of October. The ETF tracks a list of firms called “Bitcoin Industry Revolution Companies,” which hold a larger part of their firms’ assets in BTC or generate a bigger part of their earnings from BTC transactions or crypto lending.
The Securities and Exchange Commission is yet to approve any pure BTC Exchange-Traded fund. But on the 1st of October, the commission extended the expected deadline for 4 BTC Exchange-Traded funds. In August, the SEC Chair revealed that the commission might look into approving a BTC futures Exchange-Traded funds.