Original | Odaily Odaily
Author | Azuma
The cryptocurrency industry has taken a historic step.
In the early hours of this morning, the U.S. Securities and Exchange Commission (SEC) officially approved the application for 11 Bitcoin spot ETFs. At this point, this "potential benefit" that has affected the sentiment of the industry for several years has finally become a fact that has happened.
From an industry perspective, the approval of the ETF can be seen as a major affirmation of cryptocurrency by traditional regulators, and also proves that Bitcoin and other digital currencies are increasingly gaining ground in the mainstream financial market.
At this milestone moment, how do “big guys” from all walks of life view the approval of ETFs? How to predict the market trend in the post-ETF era? Odaily Odaily has compiled the opinions of more than a dozen big guys across industries on this incident. The details are as follows.
Regulatory voices
Gary Gensler: Approval of ETF does not indicate SEC’s view on BTC
Personal profile: Although the Chairman of the SEC has long been regarded as a "public enemy of the industry," he cast the most critical vote of support in this ETF resolution.
In today’s statement on the adoption of ETFs, Gensler mentioned that the SEC passed a batch of Bitcoin spot ETFs today. The SEC evaluates applications based on whether the information complies with the Exchange Act and its accompanying regulations. The committee remains neutral during the evaluation process. and do not express views on specific companies, investments, or assets underlying exchange-traded products (ETPs).
Gensler further stated that the SEC’s resolution allows ETPs to hold non-security commodities Bitcoin, but this in no way means that the SEC is willing to approve the listing of any crypto assets suspected of being securities, nor does the approval indicate the SEC’s concern for other crypto assets under federal securities laws. the legal status of certain cryptoasset market participants in violation of federal securities laws.
Hester Peirce: Ten years of waiting to finally realize the dream
Personal profile: One of the five SEC members, the most friendly regulator to cryptocurrency, and one of the two "iron ticket warehouses" for this ETF resolution (the other is Mark Uyeda).
In today’s statement on ETFs, Peirce said that more than ten years after the first Bitcoin spot ETP application was submitted, the SEC has finally approved the listing applications of multiple Bitcoin spot ETPs.
Peirce pointed out that the approval process for Bitcoin-related ETPs is significantly different from other ETPs routinely approved over the past decade, which has also led to the long-term rejection of such applications. The SEC has rejected applications in the past on the grounds that the Bitcoin market is still immature and has manipulation concerns, but now the SEC points out in the approval order that due to the high correlation between futures market and spot market prices over the past two and a half years, Bitcoin has demonstrated fraud prevention and Ability to resist manipulation.
Caroline Crenshaw: Approving ETFs is unwise and goes against historical trends
Personal profile: One of the five SEC members, one of the two members who voted against the ETF resolution (the other is Jaime Lizárraga).
After the ETF was approved today, Crenshaw also issued a statement explaining the reasons for his opposition. Crenshaw said: “The SEC’s action of approving multiple Bitcoin spot ETPs is unwise and goes against the historical trend. What’s worse is that it will lead us on a wrong path. " I cannot agree that this action complies with regulations or basic investor protection mandates, and therefore I dissent from today's decision."
Patrick McHenry & French Hill: Welcome to this historic moment, the market will have more opportunities to be exposed to this emerging technology
Personal profile: Patrick McHenry is the chairman of the House Financial Services Committee, and French Hill is the chairman of the Subcommittee on Digital Assets, Financial Technology and Inclusion. Both are important regulators who are friendly to cryptocurrency.
In response to the approval of the ETF, McHenry and Hill issued a statement today saying: "Today's approval of the Bitcoin Spot ETF marks a historic milestone for the future of the U.S. digital asset ecosystem. Although legislation to provide clarity and certainty for digital assets is still necessary , but the steps taken today are a significant improvement to the SEC’s enforcement oversight. We are pleased that investors and the market will finally have greater access to this innovative technology. We remain committed to passing comprehensive market structure and payments stablecoin legislation to strengthen consumer protection in the digital asset market.”
Voices from traditional finance, technology, and venture capital fields
Elon Musk: Open to X adopting BTC
Personal introduction: It seems that there is no need to introduce...
After the ETF was approved, Elon Musk participated in a Twitter Space live broadcast hosted by Ark CEO Cathie Wood Wood.
In response to Cathie Wood question about whether he would consider incorporating Bitcoin into X’s infrastructure, Musk replied: “I’m open to it, but in fact X rarely considers Bitcoin.”
Cathie Wood: There won’t be a situation where “all the good news comes out and then the price goes down”
Personal profile: Cathie Wood, the female version of Buffett...the head of Ark, a well-known fund and one of the applicants for this ETF.
Cathie Wood has been vocal about ETFs recently. When talking about the market outlook, Cathie Wood said that after the ETF is approved, it may not "fall after all the good news" as some people predict.
She further explained: “Based on our five years of investment experience, we believe that the inflow of funds into this new asset class, especially institutional funds, will be considerable. Institutions do not need to have much allocation to Bitcoin to convert this An asset that is becoming a scarce asset pushes the price up a lot."
Jan van Eck: Thanks to everyone
Personal profile: CEO of VanEck, one of the ETF applicants.
After the ETF was approved, Jan van Eck posted a message on his personal X platform to thank various groups. Jan van Eck thanked the cryptocurrency community for its enthusiasm and creativity. From whale to developers to every user who has ever discussed cryptocurrency, they have helped VanEck deepen his understanding of the industry; Jan van Eck also thanked Winklevoss Brother (the first Bitcoin spot ETF applicant) and other pioneers in the cryptocurrency field, VanEck is a gainer standing on the shoulders of giants; Jan van Eck also thanked other ETF applicants and regulators such as Hester Pierce, who is Everyone contributed to today's victory; Jan van Eck finally thanked Satoshi Nakamoto, who brought cryptocurrency to the world.
Steven McClurg: $4 billion-$5 billion in inflows in first weeks
Personal profile: Co-founder of Valkyrie Investments, one of the applicants for this ETF.
McClurg predicted the inflow of funds after the adoption of the ETF, saying that Valkyrie expects as much as $200 million to $400 million to flow into its ETF in the first week; the entire market will have inflows of $4 billion to $4 billion in the first few weeks of trading opening. $5 billion.
Eric Balchunas: How many more weeks until $4 billion? One day is enough!
Personal profile: Bloomberg ETF senior analyst, the most active front-line follow-up expert in this round of ETF news.
Balchunas' prediction is more aggressive than McClurg's. BlackRock could inject $2 billion into its Bitcoin spot ETF on the first day of trading and break first-day inflow records, Balchunas said. The seed funding may provide BlackRock with momentum in the race for 11 Bitcoin spot ETFs.
Eric Balchunas also predicted that all these Bitcoin spot ETFs could raise up to $4 billion on the first day of trading and $50 billion within two years.
Crypto Industry Voices
Michael Sonnenshein: I knew this day would come ten years ago
Personal profile: CEO of Grayscale.
Following today's ETF approval, Sonnenshein participated in TechCrunch's Chain Reaction podcast, where Sonnenshein said: "I knew this was going to happen 10 years ago. We've always known that investor sentiment will get its way, regulators will get its way. goals, and financial advisors will achieve their goals."
Sonnenshein added: “This is a recognition not just for us as an asset manager but for the cryptocurrency industry as a whole... This can be used as a catalyst to break the logjam together.”
Brian Armstrong & Paul Grewal: We should all be grateful for Grayscale’s efforts.
Personal profile: Brian Armstrong is the co-founder and CEO of Coinbase , and Paul Grewal is the chief legal officer of Coinbase. Because many ETF applicants have chosen Coinbase Custody as a custody service provider, Coinbase is also regarded as one of the biggest beneficiaries behind the approval of this ETF.
After the ETF was approved today, Grewal said on his personal
Armstrong cited Grewal's sentiments and said Grayscale deserves huge credit for taking the ETF case to court and becoming a legend with the win.
Brad Garlinghouse: This is a historic moment for cryptocurrency compliance to escalate.
Personal profile: CEO of Ripple .
After the ETF was approved today, Garlinghouse commented on the X platform that the importance of this moment cannot be overstated. Congratulations to all those who worked hard to get the Bitcoin Spot ETF approved, today’s news means further legitimization of cryptocurrencies as an asset class, which is expected to be yet another catalyst for institutional investment/adoption, ideally Guide the industry's primary focus from speculative to broader real-world use cases, thereby providing a stronger underpinning for compliance.
Tyler Winklevoss & Cameron Winklevoss : Victory is ours!
Personal profile: Co-founder of Gemini and the applicant for the first Bitcoin spot ETF in 2013.
The end of the article is left to the Winklevoss brothers. In 2013, Tyler and Cameron submitted an application for the first Bitcoin spot ETF, but were ultimately rejected.
After the ETF was approved today, many ETF applicants expressed their gratitude to Tyler and Cameron. In response, Tyler responded with a "clasp your hands" emoticon one by one, either as a thank you or as a prayer; Cameron also only said Here's a quote: First they ignore you, then they laugh at you, then they suppress you, then they make you wait 10 years...but you will prevail.
