Bitwise Asset Management has presented the main reason why the crypto industry is mature enough for a Bitcoin ETF, Forbes reports.
In a presentation, which was published by the U.S. Securities and Exchange Commission (SEC), it mentions spot market efficiency, institutional-level cryptocurrency custody, and the growing popularity of Bitcoin futures.
The reality is that the bitcoin market of today bears little resemblance to the crypto market of a few years ago,” says Bitwise global head of research, Matt Hougan.
The SEC is expected to announce its final verdict on Bitwise's application no later than Oct. 13.
As reported by U.Today, VanEck Securities and SolidX Management pulled the plug on their proposal after a launching a “limited” version of a Bitcoin trust.
On Sept. 10, SEC Chairman Jay Clayton said that they were moving closer to green-lighting a Bitcoin ETF.
However, the publication of the aforementioned presentation shouldn’t be counted as endorsement given that it’s a mundane practice for the regulatory watchdog.