Approval of applications for registration of exchange-traded bitcoin Fund Commission on securities and exchange Commission (SEC) can be expected over the next 18 months. So says Ali Hassan (Ali Hassan), the head and one of the founders of Crescent Crypto, which manages assets.
Hassan, who was formerly head of investment Bank Goldman Sachs, spoke about the great potential of passive control strategy for the cryptocurrency market in the Studio of Bloomberg Markets. During the discussion, he was asked to comment on the story with the refusal of the SEC to register the exchange-traded Fund entrepreneurs the Winklevoss brothers (Winklevoss). Hassan noted the concern of the American authorities with the protection of investors, but suggested that a bitcoin ETF will allow presence in the market.
“I believe that the product will appear very soon,” said Crescent CEO of Crypto. — “I think we will see the running a bitcoin ETF in the next 18 months.”
The solution to security problems, according to Hassan, could be the use of passive investment strategies by the participants of the cryptocurrency market. Also, the entrepreneur spoke about the most interesting in his view the projects of exchange-traded funds focused on bitcoin. It is, first and foremost, ETF investment company VanEck, attempts to register that have failed in the past. Now the company has joined forces with SolidX and again filed with the SEC.
It is worth mentioning that Hassan has its own Fund management scriptactive. Its audience is wealthy investors, the average annual income exceeding $200 000. To improve protection of client assets, the Fund forms a portfolio of only the top 20 cryptocurrencies, constantly checking their compliance with safety standards.
Interestingly, even in February, the SEC Chairman Jay Clayton (Jay Clayton) told the U.S. Senate about his intentions to ban bitcoin ETF due to their high volatility, inadequate security and improper storage of assets. In an interview with Bloomberg Hassan mentioned some of these negative consequences, and asked what he thinks about it. In response to a question the head of the Crescent Crypto referred to the experience of his Foundation and said that none of the investors will not face such problems. In addition, the Fund holds all assets in cold wallets, which ensures reliable protection.
Recall that under consideration at the SEC are not the only applications of the Winklevoss brothers and the United Fund VanEck and SolidX, but five of the bitcoin ETF-supported Direxion Investments. The decision on their registration is expected in September of this year.
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