- Tech entrepreneur Raoul Pal shares insights on Bitcoin ETF amid XRP regulatory clarity.
- Pal highlights Gary Gensler’s political pressure and BlackRock’s potential success.
- Currently, Ethereum ETF applications are flooding the US regulator’s desk.
In a recent interview, crypto influencer Lark Davis asked Raoul Pal, the renowned writer of the Global Macro Investor Report, to share his thoughts on the Bitcoin exchange-traded fund (ETF) applications amid the XRP regulatory clarity from the US court.
Pal stated that Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chair, faced considerable political pressure due to his approach toward crypto regulations. He highlighted that Gensler had previously stated that Bitcoin was not a security. This position made it challenging to deny the approval of a Bitcoin ETF.
The report writer theorized that Gensler may have offered ETF opportunity to BlackRock to appease the critics. Pal mentioned that the SEC is in an open conversation with BlackRock, setting guidelines for approving the Bitcoin ETF.
Despite this, the SEC’s actions appeared contradictory, as it simultaneously sued Coinbase while considering the exchange a crucial part of the ETF mechanism.
Specifically, the Coinbase exchange will serve as the surveillance-sharing partner for the firms filing for Bitcoin spot ETF. The partnership implies Coinbase will provide the SEC with data on Bitcoin trading activity on its platform, which the SEC will use to assess the risks of market manipulation.
Meanwhile, the crypto community is seeing a rush in Ethereum (ETH) ETF applications with the US regulator. James Seyffart, a prominent asset management figure, revealed that seven Ethereum Futures ETF filings have emerged, submitted by six distinct issuers.
The tweet’s accompanying image shows that six of the filings were submitted on August 1. Notably, multiple financial behemoths have filed for Bitcoin spot ETF in the past few months with the SEC.
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