Bitwise CIO Urges SEC to Approve Multiple Bitcoin ETFs Simultaneously
Bitwise’s chief investment officer, Matt Hougan, has recommended that the U.S. Securities and Exchange Commission (SEC) approve all pending spot Bitcoin ETF applications simultaneously. Hougan argues that this approach would be the most beneficial for investors and cites the SEC’s inconsistent history with ETFs as a reason for the simultaneous approval. He believes that approving multiple ETFs at once could be in the best interest of market participants.
Conspiracy Theories Surrounding BlackRock’s Bitcoin ETF Filing
BlackRock’s decision to file for a Bitcoin ETF has raised speculation and conspiracy theories. Some believe there may have been behind-the-scenes conversations between the SEC and BlackRock, while others suspect that SEC Chair Gary Gensler hinted at a positive reception for the filing. However, Hougan dismisses these speculations and expresses confidence in the SEC’s impartiality.
Gary Gensler’s Upcoming Testimony and the Future of Bitcoin ETFs
SEC Chair Gary Gensler is scheduled to testify before two US Congress committees in the coming month. Cryptocurrency is expected to be a prominent topic of discussion, especially considering recent events such as the XRP lawsuit and Grayscale’s Bitcoin ETF lawsuit victory. Gensler’s approach to major players’ Bitcoin ETF filings will be scrutinized, and the SEC’s decision on multiple ETF approvals will set the tone for the future of cryptocurrency ETFs in the US.
Hot Take:
The SEC’s decision on approving multiple Bitcoin ETFs simultaneously could have significant implications for the cryptocurrency market. If approved, it would provide more options for investors and potentially increase mainstream adoption of Bitcoin. However, if the SEC chooses to approve only a single ETF or reject all applications, it could dampen market sentiment and hinder the growth of the crypto industry. All eyes are on the SEC as the future of cryptocurrency ETFs in the US hangs in the balance.
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