Vault Equity CEO says that SEC Chair Gary Gensler is pro-Bitcoin but misunderstood

Tad Park, the founder and Chief Executive Officer (CEO) of Vault Equity, believes that United States regulators are delaying the approval of pure Bitcoin-related Exchange Traded Fund (ETF) for a reason.

On Tuesday, during an interview, the CEO said he supports the United States Securities Exchange Commission (SEC) on their willingness to approve BTC ETF. 

He further turned the argument by saying that SEC chair Gary Gensler is actually pro-Bitcoin. Still, he is somewhat misunderstood about his views on crypto regulation in the United States.

He particularly stressed the investor protection concerns of SEC under which crypto custody-providing companies yet have to assure it that they are capable of protecting assets properly.

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

He added that more than 50% of current crypto ETF applications are not valid because these do not address what Gary Gensler is trying to say.

Vault Equity ETF is focused on Bitcoin-correlated firms

Park revealed that Vault Equity crypto ETF is not related to direct Bitcoin exposure but focuses on tracking big Bitcoin-correlated firms like Tesla, Twitter, MicroStrategy, Square, and mining firms like Bitfarms.

Park said that the company focuses on what people want, the correlation to BTC’s price movement. The firms he is targeting are focused on BTC and mainly get their revenues from BTC.

The Volt Crypto Industry Revolution and Tech ETF of the Vault Equity got approved on October 1, and it tracks the BTC industry revolution companies. 

The SEC is still not convinced to approve a pure Bitcoin ETF. The regulator extended the deadline for four BTC ETFs, after which Gary hinted that one could expect the approval within a month. However, CFRA Researcher yesterday said that these might be delayed until 2022.