CoinShares CEO says lack of political will hindering US regulatory landscape

CoinShares Co-Founder and CEO Jean-Marie Monetti He said a lack of political will is hampering the development of a sound regulatory framework for digital assets in the United States.

Commenting on the contrasting regulatory styles in the US and Europe, Mognetti said a top-down approach by European political leaders would make a difference.

Taking France as an example, the CEO of CoinShares said that the French president Emmanuel Macron “propelled the law in 2017”, which would later form the basis of the country’s regulatory approach to digital assets.

“First you need political will. Everywhere in Europe where there is a strong influence on regulation, there is political will.”

CoinShares CEO Seeks Clarity

Mognetti said 2022 saw the beginning of a top-down approach in the US. There is

“In the United States, last year we saw the president’s office make decisions and push the narrative in that direction. I think we will be able to.”

Asked one question to French Hill, who is tasked with leading the subcommittee on digital assets, Mognetti said he wanted to clarify which agencies can regulate crypto. That way, the industry can move forward, such as promoting a US Bitcoin ETF product.

Mognetti acknowledged that double oversight could result, but the industry needs to be clear about which agency will take the lead.

Spot Bitcoin ETFs Still Hinder

January 26th, SEC Rejected Bitcoin ETF application for another spot. arc Invest marks the company’s third refusal to date.

Ark is not the only company that has failed to secure approval for its physical Bitcoin ETF. VanEck, Bitwise and Grayscale, to name a few, all failed to get approval.

After the company’s application to convert the Grayscale GBTC Fund into a Spot BTC ETF in June 2022 was rejected, Grayscale CEO Michael Sonnenshine The company said it had no choice but to sue the regulator because it upheld its fiduciary duty to shareholders.

“In the short term, it’s a signal that investors are really seeing that regulators are largely closing down the opportunity to take the world’s largest bitcoin fund and bring it closer to the regulatory boundary. had no choice.”

Mognetti said a spot bitcoin ETF would be good for the industry and that CoinShares “hopes to be able to offer it in the US.”

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