“We are very close to SEC endorsing the launch of an ETF on bitcoin”

Matt Hogan, head of Bitwise Asset Management research department, is confident that their application for the launch of ETFs for bitcoin will be approved in the near future.

Bitwise Asset Management has been waiting for months
decisions of the US Securities and Exchange Commission (SEC) regarding the application for ETFs on bitcoin.

“At the moment, we are close to getting approval from the SEC,” he said in a conversation with CNBC. – In the coming days, the regulator should make a final decision: either yes or no. It is no longer possible to postpone the decision for later. Depending on their response, we will take further action. This week will definitely be very busy. ”

Hogan is confident that the Bitcoin market has changed significantly since the filing of the first applications for the launch of the cryptocurrency ETF.

“The bitcoin market two years ago and now is like night and day. Then there were no regulated insured crypto assets storage services. Well-known companies such as Fidelity and Coinbase are now in the industry, which have insured hundreds of millions of dollars worth of assets at Lloyd’s of London. Two years ago, regulated exchanges were not so developed. Six of the ten largest sites are now under the supervision of regulators, in particular the New York State Department. Two years ago, it was a completely different, asymmetric and inefficient market. Today, more than $ 200 million is traded on sites every day, and there are also regulated futures. ”

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Hougan believes that approving a cryptocurrency ETF will provide investors with a “safe, convenient and secure tool that will enable them to invest in bitcoin.”

“The problem is that now only large institutions with super-high incomes have access to this market. Ordinary investors do not have a safe and reliable way to get the opportunity to invest in bitcoin, he notes. “Approving an ETF for bitcoin will just solve this problem.”

However, the regulator does not seem to share such an optimistic approach. In early September, SEC chairman Jay Clayton said that “there is still much to do before the ETF launches on bitcoin.”