The four most famous international exchanges:

Binance INTL	OKX INTL	Gate.io INTL	Huobi INTL
China Line　APP DL	China Line　APP DL	China Line　APP DL	China Line　APP DL

Note: The above exchange logo is the official website registration link, and the text is the APP download link.

Several investment firm executives debated the possibility of the U.S. Securities and Exchange Commission (SEC) approving a U.S. Bitcoin (BTC) exchange-traded fund (ETF) on a March 7 CNBC broadcast, just after the SEC rejected its last previously pending Bitcoin ETF application.

Wilshire Phoenix had first submitted its proposed “United States Bitcoin and Treasury Investment Trust” application to the SEC in January 2019.

Despite amending its application six times in 13 months, the SEC rejected Wilshire Phoenix’s ETF application, citing concerns about the high potential for manipulation of the Bitcoin market and limited levels of investor protection.

Bitcoin ETF May Be Approved Due to Broad Demand

Chris Hempstead, head of ETF institutional business development at hedge fund provider IndexIQ, predicts that Bitcoin ETFs will emerge as retail demand for Bitcoin ETF products grows.

“I highly doubt this will be the last straw,” Hempstead said. “I think everybody will continue to listen to the SEC’s feedback and input, what their comments are, and they will continue to work through this.”

While Hempstead predicted the SEC would reconsider its position if faced with widespread demand in the coming years, he did not predict “any major changes in the SEC’s decisions in the near future.”

“At some point, when market demand and investor demand push the pendulum to a certain area, they may take another look or have a different consideration.”

Nick Colas, co-founder of investment analytics firm DataTrek Research, expressed skepticism that the SEC will authorize a bitcoin ETF anytime soon.

“You’ll see a central bank cryptocurrency before you see a bitcoin ETF,” he said.

Stablecoins Meet Consumer Needs

When asked if stablecoins have “imminent significance” for consumers, Hempstead responded, “I think you’re looking at something.”

Hempstead predicts that stablecoins and other cryptocurrency products will be regulated as the industry matures and the public gains a deeper understanding of the inner workings of distributed ledger technology (DLT).

“I think what they’re waiting for is probably more of a systemic macro view of the operational complexity of cryptocurrency trading […] I think as we start to see more diversified risk and more understanding of how these different products, not just Bitcoin, work — I think that’s probably what’s needed at the committee level.”

Blockchain ‘more important’ than Bitcoin

Dan Wiener, chairman of Adviser Investments and senior editor of Vanguard Investors Independent Advisor, believes that companies’ adoption of blockchain technology is “more important” than cryptocurrencies.

Wiener dismissed the need for Bitcoin, arguing that payment platforms like Venmo have attracted more users than cryptocurrencies.

“Do we really need Bitcoin? I’m not a bad guy. I don’t need to worry about moving money […] We have many, many ways to move money, and I don’t know if we need to hide ourselves (our assets), or our identities.”