Executives at Bitwise Asset Management are highly optimistic every bit the deadline for the United states of america Securities and Exchange Committee's (SEC) decision on their proposed Bitcoin (BTC) exchange-traded fund (ETF) looms.

Days ahead of the Oct. 13 borderline, an Oct. 7 CNBC written report cites Matt Hougan, managing director and global head of inquiry at Bitwise, maxim:

"Nosotros're closer than we've always been before to getting a Bitcoin ETF canonical."

"No more ways to postpone it at this point"

As Cointelegraph reported, Bitwise filed its latest application for a physically held Bitcoin ETF with the SEC in January.

In Baronial, the regulator postponed its determination on the proposal — together with two other crypto ETF applications — until Oct. 13. It now has no mechanism that allows to postpone whatever longer. Hougan added:

"Old earlier Monday, the SEC has to requite its decision: yes or no. They accept no more ways to postpone information technology at this point. We will hear conspicuously betwixt now and Mon what they think."

Despite the regulator's repeated pushback confronting previous proposals, Hougan is positive about the prospects this time:

"Two years ago, there were no regulated, insured custodians in the Bitcoin market. Today, ... at that place are big names like Fidelity and CoinBase [with] hundreds of millions of dollars of insurance from firms like Lloyd's of London."

He added that, in contrast with two years ago, 6 of the ten major crypto exchanges are at present regulated past the New York Department of Country and have market surveillance technologies in place.

Foremost, he argued, today's market sees over $200 million in volume, with regulated Bitcoin futures traded every 24-hour interval — again, a stark modify from a formerly "i-sided, inefficient marketplace."

The interest of major market makers such as Jane Street Capital and Susquehanna has transformed Bitcoin into one of the "almost efficient institutional markets in the world," he added.

Benefits of a Bitcoin ETF

Hougan argued that ETF approval would herald a major opportunity for everyday investors to admission the Bitcoin space securely. He noted:

"While big institutions have safe, secure means to buy Bitcoin in private funds that are available only to the ultra-high-cyberspace-worth people, regular investors don't take a safe mode."

An ETF would enable fiscal advisors to bring Bitcoin to their clients easily "instead of them going rogue," Hougan added.

This August, Bitwise CEO Hunter Horsley took a similar perspective to Hougan, citing positive developments in the industry such as Susquehanna's entrance, improved arbitrage and new spreads, and access to extensive insurance policies.