In a recent interview with Bitcoin Magazine, Neel Maitra, a former SEC crypto specialist, said that the January approval was “grudging” and doesn’t look great for the market.“Its was grudging, and it was just for Bitcoin, and it’s not good news for the crypto generally.”
To support his arguments, Maitra mentioned the SEC’s rejection of spot BTC ETFs in the past seven years before the courts forced its hand. Additionally, the agency emphasized that the approval was limited to BTC and shouldn’t be read as a general crypto approval.However, Franklin Bi, a general partner at Pantera Capital, had a contrarian take. In an interview with “The Block,” the exec claimed that the U.S. spot BTC ETFs approval “validated crypto.”“The approval has really shown people that directionally speaking, regulation is still moving in a positive direction for digital assets.
The executive added that the approval also convinced many institutional investors that crypto is a long-term technology trend worth exploring.For instance, the leading world asset manager, BlackRock, had an impressive BTC ETF debut and is eyeing the tokenization of real-world assets on the blockchain.That said, BTC had regulatory clarity after the January ETF approvals. However, several crypto projects and tokens like ETH face regulatory uncertainty.
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