Ed Tilly, CEO, president and chairman at the Chicago Board options Exchange (CBOE), declared that there's a necessity for Bitcoin (BTC) exchange-traded notes (ETNs) so as for Wall Streetinstitutional investors to join the crypto space. Financial newspaper Business insider reported on Tilly’s comments on Jan.18.

According to the same article, Tilly declared that “the growth of Bitcoin in listed markets remains hamstrung by the shortage of a trading product geared toward mom-and-pop investors.” According to him, Bitcoin futures did not see substantial growth due to the shortage of a note or tracker tied to BTC that retail customers could trade.The article elaborates that each futures and exchange-traded notes are vital for giving access points to Wall Street-type investors.

According to the article, Tilly explained that ETNs are additional accessible to the average investor when put next to futures due to their lower barrier for entry. Tilly continued:

“The power of having that future there's conjointly having an ETN that's additional attractive to retail, and so establishments will lay that risk off on the listed futures market.[...] Absent that leg and introducing trackers or notes, i believe we'll be in this, 'It trades every day, but it is not the story.'”

According to Tilly, the reason why regulators failed to approve a Bitcoin exchange-traded product, such as the still-pending exchange-traded fund (ETF) applications, is that the regulators cannot protect investors from manipulation on a market they cannot control.

“You answer that question, you get your 1st ETN,” concluded Tilly.

As Top Market Group recently reported, crypto entrepreneur and regular contributor to CNBC Brian Kelly claimed that there's no likelihood for a Bitcoin (BTC) ETF approval in 2019.

Also, recently news broke that cryptocurrency index fund supplier Bitwise asset Management has applied with the U. S. Securities and Exchange Commission (SEC) to launch a brand new Bitcoin exchange-traded fund.

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