The Bitcoin ETF Race: Will SEC Give A Collective Green Light?

As the clock ticks down, Bitwise CIO Matt Hougan is nudging the SEC to give the nod to all Bitcoin BTC/USD spot ETF applications in the pipeline. While Bitwise is eagerly awaiting the SEC’s verdict on its own application this week, Hougan suggests a mass approval might be the golden ticket.

“If you look back at the history of the SEC's treatment of ETFs, you can see examples of each, and so we have no idea what their plans are," Hougan commented on Bloomberg Television. "I will say on behalf of investors, the best outcome is likely to line up multiple ETFs and allow them to launch at once."

He’s not alone in this sentiment. Cathie Wood, another contender in the Bitcoin ETF arena, shared with Bloomberg TV her hunch the SEC might greenlight more than one ETF in a single sweep. Watch Wood discuss the Bitcoin ETF landscape in an exclusive interview with Benzinga CEO Jason Raznick here.

With Grayscale Investments LLC’s recent triumph over the SEC in court, hopes are high that a U.S.-based spot-Bitcoin ETF might soon see the light of day. The crypto realm and its admirers have been clamoring for such an ETF for what feels like eons.

As the digital asset landscape continues to evolve, these developments will be a topic of discussion at the upcoming Benzinga Future of Digital Assets conference.

Is Bitcoin Finally Moving To Center Of Mainstream Finance?

The outcome of Bitwise’s application remains uncertain. The prevailing sentiment among analysts is that the SEC might opt for another postponement.

For those marking their calendars, Hougan hints at Oct. 16 as the next date to watch.

UPDATE: The SEC delayed decisions on several Bitcoin ETF applications from Valkyrie, Invesco and WisdomTree by at least 45 days — into October — in filings made Thursday afternoon, BlockWorks reported.

While Bitwise is renowned for its crypto-centric offerings, the journey to a Bitcoin ETF for U.S. investors is fraught with hurdles. The SEC’s reservations? Fraud and manipulation. Case in point: Gemini‘s 2013 attempt at a physically backed Bitcoin ETF, which the SEC shot down.

Yet Hougan remains optimistic. "My expectation is about what we're seeing today. I think people are likely to overestimate the short-term impact of an ETF and underestimate the long-term impact of an ETF," he said.

“This is about Bitcoin moving from the edge of the investment community to the center of the mainstream allocation space," he added.

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This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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