Timothy Massad, who served as chairman of the US Commodity Futures Trading Commission from 2014 to 2017, gave his opinion that regulators should approve an exchange-traded bitcoin fund.

In an opinion piece published on Bloomberg on Wednesday, Massad said the Securities and Exchange Commission (SEC) should approve a Bitcoin ETF in ways that could improve the transparency and integrity of the nascent cryptocurrency industry. In this way, investors can access the digital asset without having to buy it on exchanges or worry about self-custody.

Massad said the ideal way to get Bitcoin ETF approved would start with a stronger regulatory framework for the cryptocurrency. However, he admitted that “the likelihood of this happening in the near future is slim”. In a February interview with Cointelegraph, Massad described US crypto regulations like “Swiss cheese” or full of holes.

In the absence of comprehensive regulations, Massad said the SEC could use the ETF listing process to improve the integrity of crypto exchanges.

“Approval is granted provided the ETF price is based on an index of exchanges that meet certain regulatory standards, similar to indices for exchanges,” he wrote and derivatives.

U.S. securities regulators were reluctant to approve a Bitcoin ETF due to concerns about liquidity, transparency, and overt price manipulation. Several ETFs have been filed with the SEC and each ETF has been returned to the issuer for review. The SEC is currently reviewing several filings and has requested the public to comment on the prospectus filed by asset manager VanEck.

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Bitcoin ETF approval will be at least a year away, according to at least one expert on the subject, Todd Rosenbluth. The head of ETF and mutual fund research at CFRA told CNBC in April that regulators are unlikely to give the green light to an ETF in the near future.

North of the border, in Canada, regulators have approved many Bitcoin ETFs, and early trends seem to indicate that these services are very successful. Purpose Bitcoin ETF continues to attract investment despite the sharp correction in Bitcoin price since May.