Former NYSE President: Money Will Flood Into Crypto Industry With Spot Bitcoin ETFs

Former NYSE President Tom Farley expects wealth to “flood” into the crypto manufacture erstwhile the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “It’s conscionable easier to buy. People judge successful bitcoin,” helium emphasized, adding that the cryptocurrency “is a large invention.”

‘Money Will Flood Into the Industry’

Former New York Stock Exchange (NYSE) President Tom Farley discussed the implications of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) and the adjacent crypto bull tally successful an interrogation with CNBC past week. He held the presumption of NYSE Group President from 2014 to 2018 and presently serves arsenic the CEO of the cryptocurrency speech Bullish.

Farley explained that helium is optimistic astir bitcoin due to the fact that each U.S. regulators, including the SEC, person stated that BTC is not a security. Even SEC Chair Gary Gensler has said aggregate times that successful his presumption each crypto tokens, but bitcoin, are securities.

“So perchance the bitcoin ETF does spell up quickly, which could beryllium large for the indsutry,” the ex-NYSE main emphasized, predicting:

Money volition flood into the manufacture with a bitcoin ETF. It’s conscionable easier to buy. People judge successful bitcoin. Bitcoin is simply a large invention.

Commenting connected the authorities of the crypto market, Farley believes that the bull marketplace is already here, stating: “In my view, the bull tally has already started.” He further explained that successful this question of the bull market:

The winning exchanges are going to beryllium trusted, compliant, and enactment and bolster the integer plus industry.

His crypto exchange, Bullish, was launched successful 2021. It is backed by a fig of salient investors, including Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer, and concern slope Nomura. The speech precocious acquired crypto media outlet Coindesk successful an all-cash deal.

Do you hold with erstwhile NYSE President Tom Farley that wealth volition flood into the crypto manufacture with a spot bitcoin ETF? Let america cognize successful the comments conception below.