Former President of the New York Stock Exchange: Crypto Market Will Rise If Bitcoin ETF Approved by SEC

Former President of the New York Stock Exchange, Tom Farley. (Photo; Doc. CoinTouchNews)

JAKARTA – The submission of a Bitcoin Exchange Traded-Fund (ETF) proposal has become the center of public attention. This is because a Bitcoin ETF aimed at institutional investors is considered to be pushing up crypto market prices. This time, former President of the New York Stock Exchange (NYSE), Tom Farley, also commented on his views on the impact of Bitcoin ETFs.

Farley expressed his views on the prospects for the crypto industry if the US Securities and Exchange Commission (SEC) approves a Bitcoin ETF and its impact on the market. He also predicts that the crypto market will experience a significant increase. This was revealed by Farley in an interview with CNBC.

For additional information, Tom Farley served as President of the NYSE Group from 2014 to 2018. Last week he discussed the implications of the SEC's approval of a bitcoin ETF. Simultaneously, he expressed his optimism towards Bitcoin, as all US regulators, including the SEC, have stated that BTC is not a security.

“So maybe a bitcoin ETF will go [process] quickly, which could be a good thing for the industry,” said the former NYSE head.

Furthermore, Farley assessed that funds would flow into the crypto market after the Bitcoin ETF received approval. “Money will flood into the industry with bitcoin ETFs. Easier to buy. People believe in bitcoin. Bitcoin is a great innovation.”

Commenting on the state of the crypto market which experienced a decline after the boss of the Binance crypto exchange stepped down as CEO, Farley believes that the bull market has already begun. “In my view, the rise [in crypto prices] has already begun. The winning exchange will be trusted, compliant, and support and strengthen the digital asset industry.”

Farley himself apparently has a crypto exchange called Bullish, launched in 2021. This crypto exchange has the support of a number of prominent investors, including Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer, and investment bank Nomura. Bullish recently acquired crypto media outlet Coindesk.