According to Ben Slavin, Head of ETFs at the Bank of New York Mellon, the first of the Bitcoin ETFs will surely gain approval from the authorities at the end of this year.
Ben Slavin looks to show a lot of optimism about the approval of ETFs in the United States and is positive that the very first Bitcoin ETF is going to receive approval of operations by the end of this year. Ben stated that it is still unclear whether the approval will happen this year, but it is very likely that the approval will occur at the start of next year. It mainly depends on how the regulatory authorities will choose to move forward with the procedure.
Ben highlighted that because of a large number of other requests already piled up at the SEC, the approval of Bitcoin ETFs is going at a very slow pace. There is definitely progress being made, but it is taking a lot of time. Commissioner Hester Peirce from the SEC did mention the slow pace of Bitcoin ETF approval in a recent conference.
Ben Slavin noticed that the bank had been receiving a huge number of requests in regards to the use of cryptocurrency services by several customers and users. Responding to the requests, the Bank of New York Mellon is looking to have Bitcoin ETFs approved to upgrade its services which are being provided to current clients, giving more flexible options to work with.
Slavin also said that the Bitcoin market has seen quite a lot of maturity and that the approval of Bitcoin ETFs will definitely be a step in the right direction. A report posted by Coinbase mentioned that crypto monster, Greyscale also believes that Bitcoin ETFs will gain approval status before the end of this year. The report also said that because of the massive desire from the public and positive market development potential, it is very likely that Bitcoin ETFs will be approved. Some analysts also believe that because of the Bank of New York Mellon’s positive reputation, this will definitely give regulators a reason to proceed with the approval, while some other believe that Bitcoin ETFs will not come to the U.S. till 2022.