SEC Delays Decision on Bitcoin ETFs, but Bitwise CEO Remains Undeterred

  • The latest ETF application from Bitwise was submitted in January 2019.
  • Bitwise’s application was postponed until October 13th, as well as two other ETF proposals for cryptocurrency.

Adding a crypto-based exchange-traded fun has been on the minds of many cryptocurrency companies for well over a year, as the SEC has only issued denials or delays at this point. Unfortunately, the most recent action from SEC is more of the former, as the regulator postponed decisions on three crypto ETF proposals, which will not be seen again until October. Despite this setback, CEO Hunter Horsley of Bitwise Asset Management still feels that the approval of a crypto exchange-traded fund (ETF) will become a reality.

Horsley made his statements about the outcome of the SEC hearing during an interview involving himself and Matt Hougan, the global head of research, for Bloomberg UK today. His positive outlook seems to come from the open nature of the SEC, regarding the reasons that the delays have been happening. There have already been multiple ETF applications submitted from Bitwise, but Horsley appears to see these changes as progress over the last year.

Hougan appeared to match Horsley’s perspective, bringing attention to the many developments that have happened in the cryptocurrency industry, like new spreads, improved arbitrage, and the entry of Susquehanna. He added that crypto custodians have access to insurance policies, and there’s greater maturity across many platforms, solving many of the issues that the SEC has noted before.

Europe already has several crypto ETFs and other investment products, but the global expectation seems to be waiting on the US. Speaking on what circumstances would elicit an approval, Hougan stated,

“A key aspect to a Bitcoin ETF in the U.S. is that it unlocks the financial advisor marketplace. So far crypto has focused mostly on retail investors […] or institutional investors […] Half the money in the U.S. is managed by financial advisors, and right now it’s very difficult for them to access that market.”

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