Volt Equity’s creator believes that US authorities have good cause to be slow in authorising a pure Bitcoin related exchange-traded fund (ETF).

Tad Park, CEO and Founder of Volt Equity, expressed support for the US Securities & Exchange Board in response to the firm’s refusal to authorize an ETF that would closely track Bitcoin.

Volt Equity’s Volt Crypto Industry Revolution and Tech ETF, approved on Oct. 1, monitors “Bitcoin Industry Revolution Companies,” a list of companies that form a majority of their asset value in Bitcoin or get a majority of their revenues from Cryptocurrency mining, leasing, or payments.

A pure Bitcoin ETF has yet to be approved by the SEC. The Securities and Exchange Commission (SEC) asked for an extension for four Bitcoin ETFs, including Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF, on October 1. In August, Gensler said that the SEC would be willing to approve Bitcoin’s future ETFs.

Park claimed in a Fox Business interview on Tuesday that SEC Chair Gary Gensler is “really pro-Bitcoin” but it is also “a little bit misunderstood” when it comes to crypto legislation in the United States.

Park particularly mentioned the SEC’s international investment concerns, explicitly that cryptocurrency custodial companies have yet to demonstrate to the agency that they can genuinely provide sufficient asset protection:

I can say I have a gold ETF or a Bitcoin ETF, but I’m storing that gold in my basement. Is the SEC gonna allow that? Probably not. Unless companies can show they can custody it and actually address a lot of the issues Gensler specifically mentioned, it’s not gonna work.

The CEO went on to remark that “at least half” of the current crypto ETF applications with the SEC are “not even genuine” because they “do not address what Gary Gensler is saying.”

Park stressed that Volt Equity’s crypto ETF will not provide significant exposure to Bitcoin, but rather covers important Bitcoin-related companies such as MicroStrategy, Tesla, Twitter, Square, and Bitcoin mining firms such as Bitfarms.

“We try to get at what people are really searching for, which is a correlation to the price movement of Bitcoin.” These businesses are completely focused on Bitcoin and rely on it for the bulk of their income statement. Park says, “It seems sensible that they tend to move in tandem with the value of Bitcoin.”

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