The chief executive officer of Bitwise Asset Management believes that a Bitcoin exchange-traded fund (ETF) will still be approved in the US in the foreseeable future.
Earlier this week, the US Securities and Exchange Commission (SEC) decided to postpone its decisions on three Bitcoin ETF proposals. Bitwise, which is behind one of the proposed ETFs, will now have to wait until October 13 for the regulator’s final decision. The other two ETFs, by VanEck SolidX and Wilshire Phoenix, will be approved or rejected on October 18 and September 29, respectively.
While the delays could be viewed as a setback for the crypto industry, Bitwise’s CEO Hunter Horsley remains optimistic.
“The most recent delay we view as largely procedural,” Horsley said in a recent interview with Bloomberg. He added that over the last 12 “a huge amount of progress” had been made towards satisfying the SEC’s requirements.
Bitwise’s global head of research, Matt Hougan, echoed that sentiment.
“A lot of the concerns the SEC had lined up in January 2018, when they articulated why Bitcoin ETFs would need longer review, have been solved… just by the market maturing,” Hougan told the newswire.
Bitcoin (BTC), has been struggling in the wake of SEC’s latest delay on BTC ETFs. On Wednesday, the coin lost over $800 and finished the session at $10,051.70, which was its lowest close in 15 days.
In today’s morning session, the coin dropped below the psychological barrier of $10,000, hitting a 15-day low of $9,676.63. While BTC has managed to retake the $10,000 level in subsequent trading, it remains on shaky ground.
As of 16:16 BST, the Bitcoin price stood at $10,036.34, according to data from digital currency tracker Coinmarketcap. The coin has lost 4.6% of its value in the past 24 hours. Its total market capitalisation currently stands at $179.4 billion, which represents 68.4% of the combined value of all digital currencies.
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