Bitwise filed an application to the US Securities and Exchange Commission (SEC) for the launch of Bitcoin-ETF in January. The regulator announced this week that it will postpone the decision on the Bitwise offer once again, this time until October 13.
Horsley was not discouraged by the recent events and said that the SEC is relatively frank about the reasons for the delays and clearly indicates its doubts. He argues that despite the lack of a positive decision, significant progress has been made over the past 12 months by the cryptocurrency community.
Horsley's viewpoint was supported by Bitwise's Research Director Matt Hogan, who also talked to Bloomberg. He believes that the market for cryptocurrencies has undergone significant changes, such as the arrival of trading firms such as Susquehanna and improved arbitration capabilities.
Hogan pointed out that crypto-castodial firms now have access to large-scale insurance products in the Llyods of London market, and the digital asset market itself has become more mature. Accordingly, most of the doubts raised by the SEC have been resolved, he says.
"A key aspect of the launch of Bitcoin-ETF in the U.S. is that it will open the market to financial advisors. To date, cryptocurrencies have been focused primarily on retail investors or institutional investors. Half of the money in the US is managed by financial advisors. It's very difficult for them to enter the market now," he added.