Hunter Horsley, the CEO of Bitwise Asset Management an index and beta fund provider, during an interview, said he is still optimistic on the approval of their crypto Exchange-traded Funds (ETF) by the United States Securities and Exchange Commission (SEC).
In the interview with Bloomberg’s Eric Balchunas and Scarlet Fuon UK on August 15, Horsley alongside the company’s global head of research Matt Hougan, made his remark, saying that he looks forward to the approval of Bitwise ETF.
In January, Bitwise, as reported, filed a proposal with the SEC for Bitcoin exchange-traded fund. The startup hoped it would gain approved earlier because Bitwise’s own application supposedly addresses the issues why the US regulator rejected other ETF proposals.
However, this week, the SEC again extend the deadline to October 13 to final pass a decision regarding three different applications, one of which was submitted Bitwise, and two other firms.
Despite the delay, the CEO at Bitwise said he still confident as there have been significant improvements within the last one year. Additionally, the regulator has been relatively open about why it is rejecting the ETFs proposals.
During the interview, Hougan further highlighted developments in the crypto sector, including the improved arbitrage and new spreads.
In what he believes will impact of approval ETF approvals, Hougan said:
A key aspect to a Bitcoin ETF in the U.S. is that it unlocks the financial advisor marketplace. So far crypto has focused mostly on retail investors […] or institutional investors […] Half the money in the U.S. is managed by financial advisors, and right now it’s very difficult for them to access that market.