Bitcoin ETF In The U.S. Isn't Likely To Be Approved Anytime Soon, According To Blockchain Association's Karen Smith

What Happened: The U.S. Securities and Exchange Commission (SEC) hasn’t approved a single application for a Bitcoin BTC/USD exchange-traded fund (ETF) so far, and according to the Blockchain Association’s Karen Smith, it isn’t likely to anytime in the near future.

In an interview with CNBC, Smith said that until SEC Chairman Gary Gensler sees a certain regulatory regime in place, it is unlikely that a Bitcoin ETF will be approved in the country.

“He has indicated that he is going to lay out his plan for regulating crypto,” she said.

“I think that Gary Gensler is very passionate about consumer protection, and wants to see more robust regulation of the underlying spot market for crypto.”

Smith believes that a regulatory regime for crypto would ideally take existing “bits and pieces” from securities laws and commodities laws and piece them together in a  way that works for cryptocurrency.

Why It Matters: Up until now, the SEC has opted to delay coming to a decision on the list of Bitcoin ETF applications filed this year.

Most recently, the U.S. regulator extended its 45-day review period for Skybridge Capital’s First Trust SkyBridge Bitcoin ETF Trust.

However, industry proponents believe that of all the entities that have filed a Bitcoin ETF application, Grayscale Investments (OTCMKTS: GBTC) has the best chance of having its application approved.

Price Action: At the time of writing, the leading digital asset Bitcoin was trading at a price of $38,068, losing 2.15% over the past 24-hours.

Read next: Bitcoin ETF Proposals: The SEC's Long History Of Rejections