Bitwise’s ETF Aspirations for Altcoins
Bitwise, which has submitted applications for ETFs involving several altcoins besides Bitcoin (BTC) and Ethereum (ETH), has indicated that the anticipated approval of these ETFs could significantly energize the cryptocurrency market.
According to Bitwise CIO Matt Hougan, new rules from the SEC are expected to streamline the approval process for numerous crypto ETFs by October, as reported by The Block.
Hougan mentioned that a substantial number of ETFs might be introduced in October if the SEC enacts new cryptocurrency ETF listing regulations. If these regulations come into effect, the approval timeframe for ETFs will shrink from 240 days to just 75 days, and issuers will not be required to seek further approval as long as they fulfill specific predefined criteria.
“If these rules pass and are implemented, ETFs for various cryptocurrencies such as Solana (SOL), XRP, and Chainlink (LINK) will soon be launched. Traditional asset managers will also enter the ETF market,” Hougan stated.
At this point, Hougan identified several cryptocurrencies—Solana (SOL), XRP, Chainlink (LINK), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Hedera (HBAR), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), and Bitcoin Cash (BCH)—that are likely to meet the SEC’s standards and obtain ETF approval.
The SEC initially announced the proposed rule change for cryptocurrency ETP listing criteria back in July.
Recently, the Bitwise CIO expressed optimism that crypto ETFs could lead to significant market movements, stating, “We are preparing for the year-end rally.”
*This is not investment advice!
