Counsel Nicholas Wendland was quoted in a Wealth Management article titled “In 226 Pages, Bitwise Makes its Case for Bitcoin ETF.” The piece focused on how Bitwise Asset Management met with SEC regulators to “make the argument that investment advisors could lawfully recommend an exchange-traded fund that tracks bitcoin under a fiduciary mandate.”
“Above and beyond the SEC saying, 'this is fine,' they still will have a suitability requirement and getting firms comfortable with thinking that this is good for customers is going to be difficult,” said Wendland. "They aren’t going to want to risk reputation for this.” Nicholas went on to say how he’s unsure whether or not retail investors will be attracted to a bitcoin ETF, citing the subdued volume in the bitcoin futures market.
