The ‘godfather’ of a $4.7 trillion market says a bitcoin ETF will be approved ‘no time soon’

The world is still waiting on the first bitcoin exchange traded fund after months of pushback from US regulators. And according to an executive known as the “godfather of ETFs,” bitcoin enthusiasts will have to continue to wait.

Reggie Browne, a senior managing director and head of ETF trading at Cantor Fitzgerald, said bitcoin ETFs will be approved “no time soon.”

Browne, speaking on Thursday at Georgetown University’s Financial Markets Quality Conference in Washington D.C., said bitcoin ETFs will only come once there is a strong regulatory framework in place for these digital assets. But as of now, “it’s very difficult for the commission to wrap their heads around a positive approval because there’s no data yet … the markets just aren’t here.”

A bitcoin ETF has long been viewed as a natural next step in bitcoin’s legitimacy as an asset class.

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