The U.S. Securities and Exchange Commission is expected to make a key decision on approving ether ETFs.
But it will likely fail due to a lack of an over-arching regulatory framework for all cryptocurrencies, according to Ric Edelman, head of the Digital Assets Council of Financial Professionals.Edelman, an investor and personal finance author, thinks there needs to be an emphasis on regulations to protect people from crypto scams. He notes current laws are more than a half century old and are not built for digital technology.
"Without any cop on the beat, it's forcing investors to go on their own outside of the investment advisory community because the community can't help them because we don't know what the rules are. And they're ending up in scams and frauds," he said."The sad irony is that Gensler is claiming to be wanting to protect the consumer. But his refusal to write regulation is actually harming the consumer rather than helping.
Hougan notes Bitwise has its own application for a spot ethereum ETF and is hopeful about the future.ETFs come to market. We've seen the great things they've done for investors — lowering costs, improving regulation, improving sort of safety, security and peace of mind.," Hougan said."I think we will get there on ethereum as well."
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