What Bitcoin Did #54 VanEck’s Gabor Gurbacs on Bringing a Bitcoin ETF to Market
“It should be less burdensome to get an innovative asset to market. The world is moving fast and we need regulatory support to keep newer technologies in the US.”
— Gabor Gurbacs
Interview location: Skype
Interview date: Sunday 2nd Dec, 2018
Role: Director, Digital Assets Strategy
The crypto bear market has been felt by many. From traders to miners, the fall in prices has led many to lose a significant amount of money. The fall in prices has also impacted companies and projects: GigaWatt has filed for bankruptcy, ETCDEV – an Ethereum Classic team has shut down, and many others are facing challenges times.
Institutions have regularly been cited as a potential end to the bear market, yet ICE’s Bakkt has delayed the launch of their Bitcoin settled futures until January 24th ‘19 and the SEC continues to either delay their decision or deny every application for an ETF. Only yesterday, the VanEck application, the remaining open application was delayed until February, the deadline for deciding on the application.
Jay Clayton, Chairman of the U.S. Securities and Exchange Commission, recently spoke at Consensus: Invest about ETFs, highlighting his and the concerns of others within the SEC. All do not share these concerns, Commissioner Peirce dissented in response to the rejection of the Winklevoss denied application and spoke to The What Bitcoin Did Podcast about her concerns that the SEC is overstepping their mandate, stating “By precluding approval of cryptocurrency-based ETPs for the foreseeable future, the Commission is engaging in merit regulation.”
Gabor Gurbacs, Director, Digital Assets Strategy at VanEck/MVIS shares Hester’s frustration, telling me that America wants a Bitcoin ETF and that a Bitcoin ETF faces a higher bar than other markets. In this interview, we discuss the VanEck application, why market manipulation is not unique to Bitcoin and the unfair standards by which the SEC treats Bitcoin.
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