Despite the latest move by the SEC to snub another Bitcoin ETF in the USA, some believe that a Bitcoin ETF is hardly needed in the market right now. Bitcoin Investment firm BKCM’s CEO Brian Kelly believes along the same lines and has recently stated that Bitcoin ETFs are hardly needed to improve the cryptocurrency ecosystem.

Kelly made these bold claims during a recent interview with CNBC. He said

“…., I’m less concerned that you need a bitcoin ETF at this point in time.”

He has also pointed out to the recent classification of Ethereum by the Commodities and Futures Trading Commission (CFTC) as a commodity as a major development for the crypto industry as it offers regulatory clarity. The move was announced by the CFTC chairman earlier this week.

While much of the Bitcoin industry in USA is looking towards the legalization of Bitcoin ETFs as a major factor for progression of the industry, the same notion is not held by all members of the community. Bitcoin ETFs are not legal in the country despite being allowed by Canada, Europe, and other neighbouring countries.

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