Martin expressed optimism about Bitcoin ETFs, highlighting their potential and the resources they already bring to Wall Street.
Len Martin, president of the New York Stock Exchange Group, expressed this optimism at the 2024 Consensus when asked about the launch of Bitcoin (BTC) ETFs and the potential they hold for Wall Street. She cited the resources they have already brought to the market.
“We've been in talks with the SEC for over six years about bitcoin ETFs,” Martin said in an interview. interview. “I think you can't argue with the success of Bitcoin ETFs and the liquidity they have brought to the underlying market.”
Financial managers are increasingly interested in cryptocurrencies, either directly or through ETFs, which has led to rising prices in the cryptocurrency market. Martin said the immediate approval of a bitcoin exchange-traded fund in January sparked interest from traditional investors by bringing a lot of liquidity to the market.
Washington and Wall Street embrace cryptocurrencies
There have been strong price movements recently in the cryptocurrency markets and on Wall Street, and much of that can be attributed to strong inflows into US-listed ETFs. Crypto's market capitalization has surpassed more than $1 trillion since Bitcoin ETFs were approved.
A spot cryptocurrency ETF directly reflects the price of a particular cryptocurrency and strategically allocates portfolio funds into that cryptocurrency. These funds are actively traded on public exchanges and reflect the performance of a particular cryptocurrency. Like other funds, cryptocurrency ETFs are readily available on standard exchanges, and investors can hold them in their brokerage accounts.
An Ethereum spot ETF was recently approved, providing investors with a regulated and accessible way to gain exposure to Ethereum. Other spot crypto ETFs could follow.
Martin's comments come at a time of optimism about cryptocurrencies in the US government. Last week, the US House of Representatives passed the FIT21 bill. The bill clarifies how the SEC classifies cryptocurrencies by creating the term “digital good” for digital assets.
The bill aims to eliminate fraud, regulate cryptocurrency exchanges, and protect consumers while creating a stable environment for cryptocurrencies – essentially signaling that cryptocurrencies are now a government issue.
Recently, Donald Trump began accepting campaign donations in cryptocurrencies, indicating a greater embrace of the industry by politicians.