Former NYSE President Tom Farley expects money to “flood” into the crypto industry when the U.S. Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs). “It’s just easier to buy. People believe in bitcoin,” he emphasized, adding that the cryptocurrency “is a great invention.”
‘Money Will Flood Into the Industry’
Former New York Stock Exchange (NYSE) President Tom Farley discussed the implications of the U.S. Securities and Exchange Commission (SEC) approving spot bitcoin exchange-traded funds (ETFs) and the next crypto bull run in an interview with CNBC last week. He held the position of NYSE Group President from 2014 to 2018 and currently serves as the CEO of the cryptocurrency exchange Bullish.
Farley explained that he is optimistic about bitcoin because all U.S. regulators, including the SEC, have stated that BTC is not a security. Even SEC Chair Gary Gensler has said multiple times that in his view all crypto tokens, except bitcoin, are securities.
“So possibly the bitcoin ETF does go ahead quickly, which could be great for the indsutry,” the ex-NYSE chief emphasized, predicting:
Money will flood into the industry with a bitcoin ETF. It’s just easier to buy. People believe in bitcoin. Bitcoin is a great invention.
Commenting on the state of the crypto market, Farley believes that the bull market is already here, stating: “In my view, the bull run has already started.” He further explained that in this wave of the bull market:
The winning exchanges are going to be trusted, compliant, and support and bolster the digital asset industry.
His crypto exchange, Bullish, was launched in 2021. It is backed by a number of prominent investors, including Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer, and investment bank Nomura. The exchange recently acquired crypto media outlet Coindesk in an all-cash deal.
Do you agree with former NYSE President Tom Farley that money will flood into the crypto industry with a spot bitcoin ETF? Let us know in the comments section below.