Cornell professor Emin Gün Sirer, a well-known crypto personality, recently stated that technological advancements in the crypto industry will likely lead to the SEC’s approval of a Bitcoin ETF.
According to Dr. Sirer, there are a couple of ways the US Securities and Exchange Commission (SEC) could be persuaded to green light crypto ETFs. One way, the Turkish-American professor suggests, is to request the SEC to re-evaluate its stance, given Commissioner Hester Peirce’s dissenting opinion against its recent rejection of another Bitcoin ETF.
Dr. Sirer noted that chances are slim the SEC will reconsider Bitcoin ETF applications based on Peirce’s dissenting opinion. This, the professor says, is because “it’s not like the agency didn’t already know” that Peirce didn’t agree with its ruling.
A better could be directly addressing the SEC’s objections regarding a Bitcoin ETF, he suggested. Notably, Sirer, who cited concerns about the DAO on the Ethereum network prior to its hack, is known for keeping a fairly objective point of view. In this particular case, he revealed he thinks the SEC might have rejected Bitcoin ETF applications so far because of its genuine concern for investor protection.
That leaves us with having to actually address the SEC's objections in the short term. I've seen pump-and-dumpers, the market manipulation groups, roundly object to the recent SEC decision. The irony is sky high with that one.
— Emin Gün Sirer (@el33th4xor) July 28, 2018
Blaming Market Manipulation
Dr. Sirer went on to allege that those who are critical of the SEC’s ruling often take part in abusive crypto market manipulation tactics. Due, in part, to their harmful activities, the professor believes the federal regulator may have not approved crypto ETF applications at this time.
Despite the presence of pump-and-dump schemes in cryptocurrency markets, Sirer believes the SEC will eventually approve Bitcoin ETFs. However, he stressed that blockchain developers will have to make substantial technological improvements to cryptocurrency platforms, before the regulator reconsiders its current stance.
“There are technological solutions being developed for building trustworthy exchanges, for adding liquidity, and for doing secure public audits. The answers to the problems cited in SEC's report lie in technology. Tech brought us all the way to this point and it can/will lead us out of here. Rest assured that the ETFs will eventually happen.”