Two prominent figures in the crypto industry, Hunter Horsley and Matt Hougan, are championing for the approval of a spot Bitcoin exchange-traded fund (ETF). The duo who are the CEO and CIO of Bitwise Asset Management respectively, are optimistic about their chances of getting regulatory approval for a physical Bitcoin ETF in the United States.
Bitwise Asset Management previously launched a crypto index fund in 2017, which tracks the performance of 10 major cryptocurrencies. The firm now has its sights set on a spot Bitcoin ETF, which would allow investors to gain exposure to Bitcoin without the need to buy and store the cryptocurrency themselves.
While several Bitcoin futures ETFs have been approved by the U.S. Securities and Exchange Commission (SEC) in 2021, a spot Bitcoin ETF has remained elusive. The SEC has so far been hesitant to approve a physical Bitcoin ETF due to concerns about market manipulation and fraud.
However, Horsley and Hougan are undeterred by these hurdles. They argue that the crypto market has matured significantly over the past few years and that the necessary safeguards are now in place to protect investors. They also point out that other countries such as Canada have already approved spot Bitcoin ETFs, which they believe demonstrates that it is possible to regulate these products effectively.
Despite the SEC's current stance, Horsley and Hougan remain committed to their goal of launching a spot Bitcoin ETF. They believe that a physical Bitcoin ETF would provide investors with a more direct and simplified way to invest in Bitcoin, and that it would also help to further legitimize the crypto industry.
While it is still uncertain when or if a spot Bitcoin ETF will be approved in the U.S., the efforts of Horsley and Hougan highlight the ongoing push for greater acceptance and regulation of cryptocurrencies. As the crypto industry continues to evolve and mature, it is likely that the debate around crypto ETFs will remain a hot topic for some time to come.