FED Bank-Examiner-Turned Blockchain Executive on ETF Rejections
Updated: Aug 27, 2018
Today, SEC turned down 9 Bitcoin ETF proposals from three applicants. I sat with Tim Byun, CEO of OKCoin USA, to discuss SEC's decision. Tim used to work for Fed Reserve Bank and FDIC for a total of sixteen years. He was also an AML officer at VISA. Here is a clip with the transcript:
BIANCA: SEC just rejected in total of 9 ETF applications. Do you think was bound to happen eventually? What are the obstacles?
TIM: I'm very optimistic that it[ETF] will happen, but all good things come at the right time and place. I believe an ETF is geared for the mass public. What I want the mass public to really learn and understand is the features and the amazing technology of Bitcoin. I think the entire mass market in the world really still has a lot of learning to do. I currently see bitcoin as well as other digital assets simply an asset, an alternative asset class. I actually don't see it as money or it's term "virtual currency." I hope it does one day become money. I hope it becomes a universal stored value. But we're a bit away from that. And Getting back to the ETF, I think it will get there though. The SEC probably wants a little more sound transparency and better pricing visibility, but it's all just in time. And with the maturing of the ecosystem, we'll get there.
More interview content is coming up soon.