When ETFs are approved, money will flow into Bitcoin, said a former NYSE president

The former president of the New York Stock Exchange (NYSE) is bullish on Bitcoin ETFs, saying that when such a product is allowed in the United States, money will “flood into the industry”.

Now serving as the CEO of the crypto trading platform Bullish, Tom Farley said on Tuesday that Bitcoin is a legitimate “store of value,” albeit volatile.

Acceptance of Bitcoin ETF

In an interview with CNBC, Farley highlighted how Bitcoin is the only crypto asset globally recognized as unsafe among US regulators — a fact that could make regulators more willing to approve an ETF for the asset.

“Money flows into the industry with Bitcoin ETFs, it's easy to buy,” Farley said. “People believe in Bitcoin. Bitcoin is a great innovation.”

About a dozen asset managers, including BlackRock, Fidelity and Franklin Templeton, are vying to be the first to launch a Bitcoin spot ETF in the United States. The Securities and Exchange Commission (SEC) has yet to approve one, but recent discussions with the agency indicate that applicants are making steady progress.

The SEC's deadline to approve or deny one of the applications — the Ark/21Shares Bitcoin ETF — is Jan. 10, so some bulls believe the ETF's approval is almost certain. Others think that the Ethereum Spot ETF may be approved after a while since BlackRock and others have recently submitted applications.

But Farley said he's less optimistic about an “acceleration of approval” than other crypto bulls in November or December, as the SEC's tougher stance on Bitcoin cryptos could be warranted.

“Securities, at least in the United States, must be traded on a nationally recognized exchange,” he explained. “Not today, and at the moment I think these two issues are intertwined.”

NYSE President Crypto Exchange

Farley says his crypto exchange Bullish offers trading for 25 “compliant” coins and is focused on regulatory oversight and approval – unlike its rivals.

“Most estate transactions are caught up in criminal investigations, large civil investigations and are in an incomplete state,” he said. The winning exchanges will be trustworthy, compliant.

Major crypto exchanges, including Binance and Coinbase, are currently facing charges from the SEC as unregistered securities exchanges, with multiple tokens on each platform allegedly qualifying as investment contracts.