The SEC has been testing the patience of many companies as they proposed Bitcoin ETF’s projects for approval to them. In the latest news, VanEck, SolidX, decided to withdraw their ETF proposal as SEC delayed the decision-making process.
Another project that was waiting for a decision on the Bitcoin ETF proposal was Bitwise Asset Management. They were not discouraged by the VanEck’s decision and decided to wait for the decision. And it looks like the time is almost here.
In a recent discussion hosted by Bob Pisani on CNBC news, he invited Matt Hougan from Bitwise Investments, Reginald Browne of GTS, and Tom Lydon of ETFTrends.com to talk about Bitcoin ETF and everything related to it. They discuss what we can expect from the upcoming ruling on 13th October by the Securities and Exchange Commission.
In this discussion, Matt talks about how the Bitcoin market has changed in the past few years as there are big regulated custodians and crypto exchanges that have come forward. He further talks about how there are almost 200 million dollars in the volume that are traded every day in futures.
Matt mentions that they had to do intense and in-depth research and submit those to the SEC several times to make them understand the concept of Bitcoin ETF. The two core problems seen by the SEC was how most of the exchanges are overseas and unregulated and how the custody situation is set up in the market.
The SEC believes that if there is a large regulated derivates market that is trading side by side with the Bitcoin market, then it can solve the problem of market surveillance. Tom from ETFTrends discussed how clients ask financial advisors to move towards the crypto assets. He further proposes that what is the future of the ETF and how much stability will it offer for the clients if they invest in it.
Matt explains how Bitcoin ETF will help the investors gain safe, simple, and secure access to the Bitcoin and crypto market and participate in the investments. Reginald from GTS talks about how the main concern that the SEC has is the protection of the investors, along with transparency in the way things will work. He believes that there is still a long way for development in this field, and they are coming closer to approval.
Matt further gives details on the ruling dates i.e., by 13th October, the SEC has to offer a decision of approval, and they can’t postpone it any further. In case of an unfavorable decision, they expect the SEC to provide detailed guidelines on what doubts were cleared and what questions were still left unanswered. You can check out the entire discussion here.
