In the crypto history so far, Bitcoin ETF (Exchange-Traded Fund) has never had a chance with SEC. Bitwise is however optimistic that it might be the first-ever to make such groundbreaking history. But the question to ask is what chances does it present to SEC better than its progenitors?
Recall that VanEck and SolidX decide to withdraw their proposal following SEC delay in which was perceived as a pending denial.
Bitwise is still standing its grounds on its proposal of Bitcoin ETF as it refuses to withdraw it from the SEC. The Longest standing ever recorded so far. As its October 13 deadline draws closer than ever, Bitwise top executive made it known that his firm is drawing closer to achieving its goal of Bitcoin ETF.
The investment firm revealed that it’s waiting intently to hear SEC’s final decision. Will it be a “No”’ slammed in its face as with previous firms or a golden ‘’yes” which is currently in doubt?
Going down the memory lane of Bitcoin ETFs, its been a long while since so many propositions have been drawn as to having a channel where virtual Bitcoin may be bought without having a wallet or using a crypto exchange platform.
Previously Rejected Proposal
The Winklevoss Brothers of Gemini exchange tried the same. Submitting their application in the year 2013 for a Bitcoin ETF, after five years of dilly-dallying, SEC gave an Ultimate “NO”.
Then VanEck, SolidX who gave it an initial trial in 2017 which was still a rejection from SEC. Although their proposal seemed to have a little flicker of hope with SEC, it was invariably turned down as the latter sought public opinion.
Recently in the year 2019, VanEck, SolidX decided to give their dream of a Bitcoin ETF another retry but chose to withdraw its proposal following SEC delay.
Matt Hougan in a recent interview draws his premise based on an ever-dynamic changing market going back by the space of two years. He also urged SEC to review its stance on crypto as many of the attending problems traced to it by the body like leverage, regulations are currently been worked upon.
He also spoke on how the Bitcoin market has grown to be efficient while incorporating big shots in the financial sector.
If Bitwise achieves its intention with SEC, which is very unlikely, another clause is if this will eject more liquidity into the Bitcoin market as speculated.
Recall VanEck pseudo test Bitcoin ETF failed with very low success, Not only VanEck, Bakkt’s crypto derivative failed woefully that it had a big crashing impact on the market.