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- Bitwise is one of many companies attempting to launch their initial Bitcoin exchange-traded funds, which would allow investors to have exposure to the cryptocurrency’s value without having to buy it
- The filing by the US Securities and Platform Commission delays its acceptance or denial of Bitwise’s ETF, which was expected to be listed on ICE’s NYSE Arca exchange soon
- The SEC’s deadline has been pushed back to August 14, according to Jake Chervinsky from the Blockchain Association. He went on to say that the SEC could postpone its judgment. one more time till the ultimate date of Oct. 13
According to the statement from the SEC today, the agency has postponed its judgment on Bitwise Asset Management’s petition for a Bitcoin ETF.
The Securities and Exchange Commission (SEC) is an autonomous federal regulatory organization charged with safeguarding investors, ensuring the fair and orderly operation of securities markets, and enabling capital formation. It was established in Congress in 1934 as the very first federal securities regulator. The Securities and Exchange Commission (SEC) encourages complete public release, protects investors from market fraud and manipulation, and oversees corporate takeovers within the United States. It also certifies registration statements for underwriting businesses’ bookrunners.
The SEC is delaying its decision on the Bitwise ETF
The filing by the US Securities and Platform Commission delays its acceptance or denial of Bitwise’s ETF, which was expected to be listed on ICE’s NYSE Arca exchange soon.
The SEC also included a demand for opinions in the relevant document. It was looking for information on predicted trade volumes, fraud and manipulation protections, and other topics.
In October, Bitwise and NYSE Arca presented an application and suggested a rule change. In December, the SEC postponed its judgment on the plan. Its regulator should have been required to issue a ruling today, Feb. 1, if not for this fresh delay.
The SEC’s deadline has been pushed back to August 14, according to Jake Chervinsky from the Blockchain Association. He went on to say that the SEC could postpone its judgment. one more time till the ultimate date of Oct. 13.
Many ETFs have been rejected by the SEC
Bitwise is one of many companies attempting to launch their initial Bitcoin exchange-traded funds, which would allow investors to have exposure to the cryptocurrency’s value without having to buy it.
Despite the SEC’s repeated refusals to authorize a Bitcoin spot ETF, numerous Bitcoin futures ETFs were approved last year. These investment funds are now available through Valkyrie, VanEck, and ProShares.
As a result, several in the crypto community remain hopeful that the SEC will legalize a Bitcoin spot ETF shortly.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
