"The SEC has several legitimate thoughtful concerns that the industry has to overcome but I'm confident they will. Eventually we will see a Bitcoin ETF and it's at that stage that I will be much more comfortable recommending that ordinary investors participate."
In general, ETFs are securities that track a basket of assets proportionately represented in the fund's shares.
A Bitcoin ETF is seen by some a 'holy grail' for the cryptocurrency and its adoption.
Edelman said, "Fidelity has made a major announcement in the custody issue. We've got Kingdom Trust and a number of other very serious players on the custody side. I'm confident that in very short order VanEck or Bitwise will satisfy the custody concern to the SEC.".
The SEC has previously expressed concern about the lack of a secure chain of custody as well as governance in overseas trading platforms.
Edelman further stated that he puts Bitcoin in the same category as oil and gold, which he said are "Globally-traded assets beyond the reach of the SEC.".
Established in 2018, Edelman Financial Engines was formed by the merger of advisory firms Edelman Financial Services, LLC and Financial Engines Advisors, L.L.C. Edelman Financial Engines operates as a financial advisory firm, reportedly having $205 billion in assets under management.
"Technologically, regulation-wise it could happen tomorrow. There is no particular motivation because the 'powers that are be' in the fund industry have no incentive to give up their market share."
In January, the Chicago Board Options Exchange's, along with investment firm VanEck and financial services company SolidX, re-applied with the SEC for a rule change to list a Bitcoin ETF, which it had previously withdrawn.
A CBOE spokesperson told Cointelegraph that the decision to withdraw its request was the result of the United States government shutdown.
Finance Expert Ric Edelman: 'Eventually We Will See a Bitcoin ETF'
Published on Feb 12, 2019
by Cointele | Published on Coinage
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