A cryptocurrency executive has warned that the U.S. Securities and Exchange Commission (SEC) streamlining the approval process for cryptocurrency exchange-traded products (ETPs) could lead to a surge in new products, but this does not guarantee their success.
"Adopting a universal listing standard—potentially implemented as early as October—will likely usher in a large number of new cryptocurrency ETPs. This is intuitive, but also supported by the history of ETFs," said Bitwise Chief Investment Officer Matt Hougan in a report on Monday.
However, Hougan cautioned that the launch of cryptocurrency ETFs should not be confused with a resurgence in cryptocurrency hype.
"The mere existence of cryptocurrency ETPs does not guarantee a significant influx of capital. You need fundamental interest in the underlying assets," Hougan stated.
"I suspect that ETPs based on assets like Bitcoin Cash will struggle to attract capital unless the assets themselves find new vitality," he added.
Nonetheless, Hougan emphasized that launching ETFs positions products favorably when "the fundamentals begin to turn," as ETFs make it easier for traditional investors to allocate capital to cryptocurrencies.
Sygnum's Head of Research Katalin Tischhauser told Cointelegraph in February, "The market has various bubble-like excitements about these upcoming ETFs, but no one can point to where the substantial demand will come from."
Two new altcoin exchange-traded funds are expected to launch in the U.S. this week, tracking Ripple (XRP) and Dogecoin (DOGE), respectively.
On July 3, the first Solana (SOL) staking ETF recorded $12 million in inflows by the end of its first trading day, which Bloomberg ETF analyst James Seyffart described as a "healthy start to trading."
Currently, the SEC is reviewing spot cryptocurrency ETFs on a case-by-case basis. Issuers must submit detailed proposals demonstrating that the underlying market has sufficient liquidity and is resistant to manipulation, among other requirements.
The review process can take up to 240 days and does not guarantee approval.
Under the new process being developed by the SEC, if an application meets precise requirements, it will be "almost guaranteed," Hougan said. "It’s also quick: applications will be approved in 75 days or less."
Bitfinex analysts stated on August 26 that altcoins may not see widespread significant rebounds until approvals allow investors to gain more exposure to cryptocurrency ETFs on the risk curve.
Related: Tom Lee: Bitcoin (BTC) and Ethereum (ETH) could see "massive surges" in the next three months.
Original article: “Bitwise: SEC Listing Rules Will Bring More Cryptocurrency ETFs, But No Guarantee of Inflows”
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