Matt Hougan, Managing Director of the Bitwise Investment, says that the US Securities Exchange Commission (SEC)’s decision to approve their Bitcoin ETF is closer than ever.
In an interview with CNBC yesterday, on October 7, Matt Hougan spoke about their Bitcoin ETF which he believes will be approved by the Securities and Exchange Commission (SEC) very soon. As the SEC has set an Oct 13 deadline for Bitwise’s Bitcoin ETF, it would mark a momentous success in the history of the crypto world, if it receives a green signal.
Will SEC Approve Bitwise Bitcoin ETF?
However, SEC has been reluctant to approve the Bitcoin Electronic Traded fund (ETF) applied by a couple of crypto players in the past. Bitwise filed its Bitcoin ETF application back in January and in August, the regulator apparently postponed the decision on its proposal.
As SEC has postponed its decision to Oct 13, Hougan said that the regulator has no mechanism to postpone its decision on Bitwise BTF any longer. He then quickly asserts that “We’re closer than we’ve ever been before to getting a Bitcoin ETF approved.”
“Sometime before Monday, the SEC has to give its decision: yes or no. They have no more ways to postpone it at this point. We will hear clearly between now and Monday what they think”, Hougan stated.
It is still unclear whether or not SEC could approve Bitwise’s Bitcoin ETF, but Hougan is quite optimistic at SEC’s upcoming decision despite the regulator’s stern tone on ETF so far.
He further recalls the market conditions two years ago and says that the six out of ten major exchanges are now officially regulated by the New York Department of State (NYDS) alongside market surveillance technologies, he emphasized.
“Two years ago, there were no regulated, insured custodians in the Bitcoin market. Today, … there are big names like Fidelity and CoinBase [with] hundreds of millions of dollars of insurance from firms like Lloyd’s of London.”
He further highlights that Bitwise ETF, if approved, will bring the potential opportunity for investors to access the world’s largest cryptocurrency securely. He argued that only big institutions/high net worth individuals have a clear path to buy Bitcoin in private funds – in contrast, his argument is to offer similar service to regular investors via Bitwise Bitcoin ETF.
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