Jan Van Eck, CEO of global investment management firm VanEcK, believes that the Securities Exchange Commission (SEC) is holding the Bitcoin exchange-traded fund (ETF) hostage due to its disapproval of the product.
Speaking on a podcast hosted by Anthony Pompliano, the asset manager stated that the SEC expects a broader mandate to approve the investment product. He stated that the regulator may be waiting for instructions from US lawmakers. According to
Eck, relevant institutions are making different proposals for regulating the cryptocurrency industry, which steers it in a way that hinders things like approving a spot Bitcoin ETF. Eck continued his words as follows;
“I think the SEC is currently holding a Bitcoin ETF as a hostage until it gains jurisdiction over the cryptocurrency markets. I think the regulatory dialogue with back and forth, pros and cons right now isn’t very healthy, but when you come to DC, a Congressman has his opinion.”
Eck added that there is a possibility that US lawmakers will disrupt the crypto regulatory landscape by creating unnecessary barriers.
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