Bitwise Urges SEC to Green-light All BTC Spot ETFs as Deadline Looms

According to Matt Hougan, allowing the launch of multiple ETFs concurrently would be the most beneficial outcome for investors. Citing historical evidence, he highlighted the SEC’s varied approaches to ETFs in the past and stated the unpredictability of their current stance. Hougan, speaking on Bloomberg Television, emphasized that approving several ETFs simultaneously could be in market participants’ best interest.

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Conspiracy Theories Surrounding BlackRock’s Move

BlackRock’s unexpected decision to file for a Bitcoin ETF in June, considered by many as a non-ideal time given regulatory uncertainties, has raised eyebrows. Speculations abound, with some, like Ric Edelman, founder of the Digital Assets Council of Financial Professionals, musing about possible “back-room” conversations between the SEC and BlackRock. Gary Gensler, the SEC Chair, who has faced criticism for his views on cryptocurrency, is also thought by some to have given BlackRock hints about a potential positive reception.

However, dismissing these speculations, Hougan voiced his confidence in the SEC’s impartiality. He mentioned;

“I think the SEC acts fairly and honorably in these situations, and I don’t think they’re making those sorts of political judgments.”

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Gary Gensler’s Date with Congress

The coming month is shaping up to be a pivotal period for the SEC and Gary Gensler, with the latter scheduled to testify before two US Congress committees. While crypto might not be the sole agenda, it will likely dominate discussions given recent developments such as the XRP lawsuit and Grayscale’s Bitcoin ETF lawsuit victory. 

Gensler’s approach to spotting Bitcoin ETF filings from major players like Blackrock, Ark Invest, and Fidelity is also bound to be under the microscope. With the deadline drawing near, all eyes are on the SEC. Whether it takes the route suggested by Bitwise remains to be seen, but the outcome will surely set the tone for the future of cryptocurrency ETFs in the U.S.

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