Amid rising expectations and heightened hypothesis, Bitwise’s chief funding officer, Matt Hougan, has made a case for the U.S. Securities and Exchange Commission (SEC) to approve all awaiting spot Bitcoin ETF functions concurrently, per a current Bloomberg report. This advice arrives on the eve of a vital determination week for the asset administration firm, as their software awaits the SEC’s nod.
According to Matt Hougan, permitting the launch of a number of ETFs concurrently can be probably the most helpful consequence for buyers. Citing historic proof, he highlighted the SEC’s various approaches to ETFs up to now and said the unpredictability of their present stance. Hougan, talking on Bloomberg Television, emphasised that approving a number of ETFs concurrently might be in market individuals’ finest curiosity.
Conspiracy Theories Surrounding BlackRock’s Move
BlackRock’s surprising determination to file for a Bitcoin ETF in June, thought-about by many as a non-ideal time given regulatory uncertainties, has raised eyebrows. Speculations abound, with some, like Ric Edelman, founding father of the Digital Assets Council of Financial Professionals, musing about attainable “back-room” conversations between the SEC and BlackRock. Gary Gensler, the SEC Chair, who has confronted criticism for his views on cryptocurrency, can be thought by some to have given BlackRock hints a few potential optimistic reception.
However, dismissing these speculations, Hougan voiced his confidence within the SEC’s impartiality. He talked about;
“I think the SEC acts fairly and honorably in these situations, and I don’t think they’re making those sorts of political judgments.”
Gary Gensler’s Date with Congress
The coming month is shaping up to be a pivotal interval for the SEC and Gary Gensler, with the latter scheduled to testify earlier than two US Congress committees. While crypto may not be the only agenda, it is going to seemingly dominate discussions given current developments such as the XRP lawsuit and Grayscale’s Bitcoin ETF lawsuit victory.
🚨SCOOP: SEC Chairman @GaryGensler has agreed to testify earlier than @BankingGOP/@SenateBanking on Tuesday September twelfth and earlier than @FinancialCmte/@FSCDems on Wednesday September twenty seventh.
— Eleanor Terrett (@EleanorTerrett) August 30, 2023
Gensler’s method to recognizing Bitcoin ETF filings from main gamers like Blackrock, Ark Invest, and Fidelity can be certain to be underneath the microscope. With the deadline drawing close to, all eyes are on the SEC. Whether it takes the route steered by Bitwise stays to be seen, however the consequence will certainly set the tone for the way forward for cryptocurrency ETFs within the U.S.
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