Forget about Bakkt. This is shaping up to be one of the most exciting weeks of 2019 for the cryptocurrency market as Bitwise's managing director Matt Hougan says that they are "closer than an ever" to getting their Bitcoin ETF proposal approved by the US Securities and Exchange Commission (SEC), something that a lot of other contenders failed to achieve.
“Two years ago, there were no regulated, insured custodians in the bitcoin market. Today, ... there are big names like Fidelity and CoinBase [with] hundreds of millions of dollars of insurance from firms like Lloyd’s of London,” Hougan told CNBC's "ETF Edge."
As reported by U.Today, VanEck Securities and SolidX Management dropped out of the ETF race in late September after launching a "limited" version of this investment vehicle without the SEC's nod.
Now, the clock is ticking for Bitwise. The US regulatory watchdog is expected to voice its final verdict no later than Oct. 13, meaning that the big news is coming this week.
“We will hear clearly between now and Monday what they think, and then, depending on what we hear, we’ll go forward from there. But it should be a very exciting week.”
The launch of a Bitcoin ETF would most likely revive Bitcoin that once again ended up at a crossroads after plunging by 20 percent after the underwhelming Bakkt launch.
Will Bitwise manage to secure the much-coveted SEC approval? Feel free to leave your comment!