Bitwise calls for SEC approval of all BTC spot ETFs before a looming deadline, emphasizing benefits for investors.
Amid the intensifying anticipation surrounding Bitcoin exchange-traded funds (ETFs), Bitwise’s Chief Investment Officer, Matt Hougan, has strongly advocated for the U.S. Securities and Exchange Commission (SEC) to simultaneously approve all pending spot Bitcoin ETF applications. This call to action comes on the verge of a pivotal decision week for Bitwise, as their ETF application hangs in the balance, awaiting the regulatory green light.
Hougan’s proposition is grounded in the belief that granting approval to multiple ETFs concurrently would be the most advantageous outcome for investors. Drawing on historical precedents, he underscored the SEC’s diverse approaches to ETFs in the past and highlighted the unpredictability of their present stance. During an appearance on Bloomberg Television, Hougan asserted that a collective approval of several ETFs could serve the best interests of market participants.
Bitwise’s Cryptic Conjectures: BlackRock’s And Bitwise’s Roles Amid Bitcoin ETF Speculation
The unexpected entry of BlackRock into the Bitcoin ETF landscape in June has triggered a wave of speculation, particularly due to the regulatory uncertainties at play. Some industry insiders, including Ric Edelman, the founder of the Digital Assets Council of Financial Professionals, have mused about undisclosed “back-room” discussions between BlackRock and the SEC. Additionally, suspicions have arisen about SEC Chair Gary Gensler’s role in potentially signaling a favorable reception to BlackRock’s application, given his contentious views on cryptocurrency.
Nevertheless, Matt Hougan dismissed these conspiracy theories and expressed unwavering confidence in the impartiality of the SEC. He stated, “I think the SEC acts fairly and honorably in these situations, and I don’t think they’re making those sorts of political judgments.” Hougan’s comments reflect a belief in the regulatory process and an assertion that the SEC operates without external influence.
Bitwise’s Assessment: Crucial Congressional Testimony And Regulatory Impact On Crypto ETFs
The upcoming month promises to be a pivotal juncture for both the SEC and its chair, Gary Gensler. Gensler is scheduled to testify before two U.S. congressional committees, where cryptocurrency-related matters are expected to be a central focus. Recent developments such as the XRP lawsuit and Grayscale’s victory in the Bitcoin ETF lawsuit are likely to drive discussions.
Of particular interest will be Gensler’s approach to evaluating Bitcoin ETF applications from major industry players like BlackRock, Ark Invest, and Fidelity. As the deadline looms, all eyes are fixated on the SEC. Whether the agency embraces the approach proposed by Bitwise remains uncertain. Nonetheless, the outcome of this deliberation will undoubtedly shape the trajectory of cryptocurrency ETFs within the United States.
In the throes of regulatory dynamics and market speculation, the crypto community awaits the SEC’s verdict, keenly observing the developments that will chart the course of cryptocurrencies’ integration into mainstream financial instruments.