According to Volt Equity CEO, SEC Chair Gary Gensler is actually pro-Bitcoin.

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Volt recently received approval for an ETF that will hold stocks in a variety of crypto-related companies.

Volt Equity’s founder believes that US regulators have good reason to be slow in approving a pure Bitcoin (BTC)-related exchange-traded fund (ETF).

Tad Park, CEO and Founder of Volt Equity, expressed support for the US Securities and Exchange Commission in response to the regulator’s refusal to approve an ETF that would directly track Bitcoin.

In a Tuesday Fox Business interview, Park argued that SEC Chair Gary Gensler “actually is pro-Bitcoin” but is also “a little bit misunderstood” regarding his perspective on crypto regulation in the United States.

Park specifically referred to the SEC’s investor protection concerns, namely that crypto custody providers have yet to assure the commission that they can actually ensure proper asset protection:

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

The CEO went on to say that “at least half” of the current crypto ETF applications with the SEC are “not even valid” because they “do not address what Gary Gensler is saying.”

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Park emphasised that Volt Equity’s crypto ETF does not provide direct exposure to Bitcoin, but rather tracks major Bitcoin-related companies such as MicroStrategy, Tesla, Twitter, Square, and Bitcoin mining firms such as Bitfarms.

“We try to get at what people are actually looking for, which is correlation to Bitcoin’s price movement. These companies are really focusing on Bitcoin and get the majority of their income and revenues from Bitcoin. It makes sense that they tend to move along with Bitcoin’s price,” Park noted.

Volt Equity’s Volt Crypto Industry Revolution and Tech ETF, approved on Oct. 1, tracks “Bitcoin Industry Revolution Companies,” a list of companies that hold a majority of their net assets in Bitcoin or derive a majority of their earnings from Bitcoin mining, lending, or transactions.

A pure Bitcoin ETF has yet to be approved by the SEC. The Securities and Exchange Commission (SEC) extended the deadline for four Bitcoin ETFs, including Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust, and Kryptoin Bitcoin ETF, on October 1. In August, Gensler hinted that the SEC might be willing to approve Bitcoin futures ETFs.

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