While the Bitcoin ETF saga has taken a back seat in the minds of most cryptocurrency enthusiasts, there are still companies trying to secure approval from the SEC to get their products listed. One of the firms that has been pushing for a Bitcoin ETF is Bitwise Investments, who want to get their Bitwise Bitcoin ETF Trust listed on NYSE Arca.

Closer than ever to a Bitcoin ETF

Bitwise research head Matt Hougan recently appeared on CNBC to discuss how the company’s ETF campaign is progressing. Hougan says there have been major improvements in the Bitcoin market in the last two years, which he hopes will ease the SEC’s concerns about cryptocurrency custody and market manipulation.

“You’ve got to think about everything that’s changed in the Bitcoin market over the last two years. Two years ago, there were no regulated insured custodians in the Bitcoin market – today, there are almost ten, big names like Fidelity and Coinbase, they have hundreds of millions of dollars of insurance from firms like Lloyd’s of London. Two years ago, there were no regulated crypto exchanges, now six of the ten big crypto exchanges are regulated by the New York department of state, with market surveillance technologies in place.”

Hougan also said that the Bitcoin market is “one of the most efficient institutional markets in the world”, thanks to factors such as strong trading volumes for regulated cryptocurrency futures and the presence of major market makers.

The progression of the Bitcoin market has led Hougan to have an optimistic outlook:

“We’re closer than we’ve ever been before to getting a bitcoin ETF approved.”

The deadline for the SEC to make a decision on Bitwise’s proposed Bitcoin ETF is October 13.

VanEck and SolidX, the creators of a competing proposal, withdrew their Bitcoin ETF proposal and September. However, VanEck digital asset strategist Gabor Gurbacs said at the time that a Bitcoin ETF remains a priority for the company.

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