Former NYSE President Tom Farley predicts that when the Securities and Exchange Commission (SEC) approves spot bitcoin exchange-traded funds (ETFs), money will “flood” into the crypto business. “It’s just easier to purchase.” “People believe in Bitcoin,” he said, adding that the cryptocurrency is “a fantastic invention.”

‘Money Will Flee the Industry.’

In an interview with CNBC last week, former New York Stock Exchange (NYSE) President Tom Farley explored the ramifications of the Securities and Exchange Commission’s (SEC) allowing spot bitcoin exchange-traded funds (ETFs) and the next crypto bull run. From 2014 to 2018, he was the NYSE Group President, and he is now the CEO of the cryptocurrency exchange Bullish.

Farley added that he is bullish on Bitcoin because all US regulators, including the SEC, have stated that it is not a security. Even SEC Chair Gary Gensler has stated repeatedly that, with the exception of bitcoin, all crypto tokens are securities, in his opinion.

“So it’s possible that the bitcoin ETF will go ahead quickly, which could be great for the industry,” the ex-NYSE boss stressed, forecasting:

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A bitcoin ETF will bring money into the industry. It’s simply easier to purchase. People have faith in Bitcoin. Bitcoin is a fantastic invention.

Farley believes that the bull market in the cryptocurrency market has already begun, noting, “In my opinion, the bull run has already begun.” He went on to say that throughout this bull market:

The winning exchanges will be trustworthy, compliant, and supportive of the digital asset market.

Bullish, his cryptocurrency exchange, debuted in 2021. Peter Thiel, Alan Howard, Louis Bacon, Richard Li, Mike Novogratz, Christian Angermayer, and investment bank Nomura are among the significant investors. In an all-cash transaction, the exchange just bought the cryptocurrency media outlet Coindesk.

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