Gabor Gurbacs, the Director of Digital Asset Strategy for VanEck, spoke about why the SEC would approve the VanEck ETF, in an interview with CNBC Crypto Trader.
The Director was asked whether they speak to the SEC on a regular basis after submitting the proposal or whether they wait hoping for it to be approved. To this, Gurbacs remarked that VanEck has over sixty years of relationship with the regulators and that they do keep in touch which the SEC. He stated that it is a back-and-forth relationship when it comes to building the right market structure.
He went on to say:
“I do think that the SEC’s open to discussing improvements and proposals with market participants and again VanEck has a history of this, guessing the hard questions like what we’ve done with gold and international stocks and mutual funds and you know some harder to access countries like Russia Vietnam and so on so.”
Gurbacs further added that getting an approval is a long process and the regulators are open. The Director seemed optimistic about the SEC realizing that a Bitcoin ETF is their opportunity to regulate the space. He stated that the current exchanges are operating in a semi-gray area and that the regulators do not want to step in as it could hinder innovation. The Director said:
“So you know, right now, Coinbase and the larger exchanges of the world operate in this semi-gray area and the regulators don’t really do much about it because they don’t want to squash innovation but at the same time they want to make sure that the new capital markets stay intact.”
Gurbacs further added that the primary concern of the regulators was market manipulation, for which VanEck has built a pricing source which is hard to manipulate.