Crescent Crypto’s CEO and former Goldman Sachs executive, Ali Hassan, states that SEC-approved Bitcoin ETF could be possible within the next 18 months!
Hassan, one of the three co-founders of asset management firm Crescent Crypto while discussing the significant perspective of unassertive management policies in cryptocurrency markets and the denial of SEC’s approval on Winklevoss Bitcoin ETF twice in a row and rejection by 3–1 vote by the commission last week shows the apprehensions of the authorities on investor’s security.
Valuable information that was released by the commission was that this disapproval doesn’t mean that the SEC doesn’t believe that Bitcoin and blockchain tech have merit and value as an investment or as innovation.
It was ultimately disapproved because the SEC’s mission is to prevent fraud, manipulative actions, and to protect investors. Their belief is that, right now, the crypto market is a largely unregulated offshore financial market.
“Despite today’s ruling, we look forward to continuing to work with the SEC and remain deeply committed to bringing a regulated bitcoin ETF to market and building the future of money,” Cameron Winklevoss, co-founder, and President of Gemini said regarding the matter.
Further, Hassan has proposed passive investments as a solution to reduce some of those non-negligible factors that will “actually increase the participation in the cryptocurrency market.”
“Perhaps, in the next 18 months, we do think that a product is coming soon, we’ll see a Bitcoin-only ETF.” Mentioned Hassan.
Hassan’s responsive attitude shows the acceptance of a few rousing projects in the Bitcoin ETF space, topping up VanEck on his look-out list. VanEck has attempted – after failing twice – to address the regulator’s fears by overstating its Bitcoin ETF’s share value; thereby, making it insurmountable for retail investors.
SEC Chief, Jay Clayton, intoned his objective to stop any crypto ETFs because of volatility, security concerns, and lack of proper custodianship.
Hassan has commented on this view by stating that none of his investors have had to deal with those problems in his index fund. Volatility has been reduced by “holding 20 coins with slightly different levels of correlation and using a 90-day trailing average market cap.”
As far as security concerns, risk can be evaded by maintaining all of the crypto assets in cold storage in New Jersey, USA. Hassan believes that the crypto market will soon achieve the heights and not much far to the moon, but till then we have to wait and watch what future holds for this ecosystem.