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Amid rising expectations and heightened hypothesis, Bitwise’s chief funding officer, Matt Hougan, has made a case for the U.S. Securities and Exchange Commission (SEC) to approve all awaiting spot Bitcoin ETF purposes concurrently, per a latest Bloomberg report. This advice arrives on the eve of an important choice week for the asset administration firm, as their software awaits the SEC’s nod.

According to Matt Hougan, permitting the launch of a number of ETFs concurrently could be probably the most helpful final result for buyers. Citing historic proof, he highlighted the SEC’s various approaches to ETFs up to now and said the unpredictability of their present stance. Hougan, talking on Bloomberg Television, emphasised that approving a number of ETFs concurrently may very well be in market members’ finest curiosity.

Conspiracy Theories Surrounding BlackRock’s Move

BlackRock’s surprising choice to file for a Bitcoin ETF in June, thought of by many as a non-ideal time given regulatory uncertainties, has raised eyebrows. Speculations abound, with some, like Ric Edelman, founding father of the Digital Assets Council of Financial Professionals, musing about doable “back-room” conversations between the SEC and BlackRock. Gary Gensler, the SEC Chair, who has confronted criticism for his views on cryptocurrency, can be thought by some to have given BlackRock hints a couple of potential optimistic reception.

However, dismissing these speculations, Hougan voiced his confidence within the SEC’s impartiality. He talked about;

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

Gary Gensler’s Date with Congress

The coming month is shaping up to be a pivotal interval for the SEC and Gary Gensler, with the latter scheduled to testify earlier than two US Congress committees. While crypto may not be the only real agenda, it’s going to possible dominate discussions given latest developments such as the XRP lawsuit and Grayscale’s Bitcoin ETF lawsuit victory. 

🚨SCOOP: SEC Chairman @GaryGensler has agreed to testify earlier than @BankingGOP/@SenateBanking on Tuesday September twelfth and earlier than @FinancialCmte/@FSCDems on Wednesday September twenty seventh.

— Eleanor Terrett (@EleanorTerrett) August 30, 2023

Gensler’s method to recognizing Bitcoin ETF filings from main gamers like Blackrock, Ark Invest, and Fidelity can be sure to be beneath the microscope. With the deadline drawing close to, all eyes are on the SEC. Whether it takes the route instructed by Bitwise stays to be seen, however the final result will certainly set the tone for the way forward for cryptocurrency ETFs within the U.S.

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency area for two years now. Previously he co-founded Govt. of India supported startup InThinks and is at the moment Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has revealed greater than 100 articles on cryptocurrency and blockchain and has assisted a lot of ICO’s of their success. He has co-designed blockchain improvement industrial coaching and has hosted many interviews in previous. Follow him on Twitter at @sharmasunil8114 and attain out to him at sunil (at) coingape.com

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