September 27, 2020

October 13 SEC will decide on Bitcoin ETF

October 13 SEC will decide on Bitcoin ETF

On October 13, the U.S. Securities and Exchange Commission (SEC) will decide on a Bitcoin ETF, proposed by Bitwise Asset Management.

As previously reported, Bitwise filedSEC application for Bitcoin ETF in January. In August, the regulator postponed its decision on this issue until October 13. Since the commission can no longer postpone its decision, it will soon become clear whether ETFs will receive a green light or not.

Despite the regulator’s repeated attempts to resist previous proposals, Matt Hougan, managing director of Bitwise, this time positively assesses the prospects:

Two years ago, there were no regulated, insured custodians on the crypto market. Today, such companies as the Fidelity and CoinBase exchanges, which are provided with hundreds of millions of dollars for storage.

Hougan added that there have been many changes overtime of the previous regulator failure to approve ETFs. Six of the ten major cryptocurrency exchanges are currently regulated by the New York State Department of State (NYDS) and have market surveillance technology. According to him, the participation of large market makers such as Jane Street Capital and Susquehanna, has turned BTC into one of the “most efficient institutional markets in the world.”

According to the materials cointelegraph.com