Bitwise, which has applied for ETFs for many altcoins other than Bitcoin (BTC) and Ethereum (ETH), said that the ETFs expected to be approved will add great vitality to the cryptocurrency market.
Bitwise CIO Matt Hougan stated that new SEC rules will facilitate the approval of dozens of crypto ETFs by October, The Block reported.
Bitwise Chief Investment Officer (CIO) Matt Hougan said that a large number of ETFs could launch in October if the SEC imposes new cryptocurrency ETF listing rules.
If the new rules pass, the required approval time for ETFs will be reduced from 240 days to 75 days, and issuers will not need to seek additional approval as long as they meet pre-determined criteria.
“If these rules pass and are implemented, ETFs for various cryptocurrencies such as Solana (SOL), XRP, Chainlink (LINK) will soon be launched. Traditional asset managers will also enter the ETF market.”
At this point, Hougan listed Solana (SOL), XRP, Chainlink (LINK), Cardano (ADA), Avalanche (AVAX), Polkadot (DOT), Hedera (HBAR), Dogecoin (DOGE), Shiba Inu (SHIB), Litecoin (LTC), and Bitcoin Cash (BCH) as cryptocurrencies that would meet the SEC’s requirements and receive ETF approval.
The SEC first published the proposed rule change for crypto ETP listing standards in July.
Bitwise CIO recently stated that he expects crypto ETFs to bring great movement and rise to the markets, saying, “We are preparing for the year-end rally.”
*This is not investment advice.