EXCLUSIVE: Former FTX Exec Brett Harrison Fed Up With 'Lack Of Crypto Rules,' Says Bitcoin ETF Event Not Yet 'Priced In'

Former FTX US president Brett Harrison highlighted the potential approval of Bitcoin ETFs during a private roundtable event at Benzinga's Future of Digital Assets.

What Happened: The price of Bitcoin BTC/USD popped several times based on institutions applying for Bitcoin ETFs, Harrison said. The price also spiked when Grayscale won its lawsuit against the SEC.

Investors clearly believe that institutional-grade derivatives could be a "great thing for the adoption of the asset," Harrison said. "I don't think the entirety of the [Bitcoin ETF] event is priced in.”

When asked if there would be increased trading volume if a spot Bitcoin ETF is approved, and whether the event could lead to the creation and approval of ETFs for other assets like Ethereum ETH/USD, Harrison predicted that “it will take time.”

Harrison also cited the long wait people have endured thus far: "I'm not satisfied with the lack of rulemaking in the US."

The U.S. had plenty of opportunities to make rules, and it didn’t, he explained. Meanwhile, other countries are much further along.

"Globally, I think we're on the right track," he added.

Related Link: Exclusive: Crypto World Pivots Beyond Bankman-Fried Era In Wake Of FTX Scandal

Building Architect: Harrison is the CEO and founder of Architect. The financial technologies company offers trading infrastructure and is building out regulated brokerages.

Architect is trying to bridge the gap between high-tech infrastructure and everyone else, Harrison said.

Harrison was asked about self-custody and third-party custody during the roundtable event.

"I think they're both right," Harrison said.

People typically pay someone who has the expertise and know-how, he says. And many financial institutions can do a better job with custody, he added: Self-custody remains powerful and "should exist."

Harrison said Architect is really a software provider and won't provide much of the smart contracts.

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