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SEC Begins Bitcoin ETF Rule Change Review by NYSE Arca and Bitwise Asset Management’s Proposal

On 15th Feb according to an official document that published today publishing that the United States Securities and Exchange Commission (SEC) began reviewing a standard change proposal for NYSE Arca’s Bitcoin (BTC) exchange-traded fund on 11 Feb.

On Jan. 28, As per the notice, the NYSE Arca exchange recorded a standard change proposal to rundown and exchange offers of the Bitwise Bitcoin ETF Trust under its NYSE Arca Rule 8.201-E.

The SEC is currently expected to give an initial decision to approve or reject the proposal within 45 days beginning from the day of production of the declaration, Feb. 15. In the case that the securities regulators find it needs more opportunity to survey the proposal, it may stretch out audit period for as long as 90 days and ought to distribute the explanations behind delaying the decision.

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As the notice announces, the overall population can submit feedback on the rule on the standard change proposition by March 8, 2019, as written data, view and arguments.

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As of late, Brian Quintenz, a Commissioner at the United States Commodity Futures Trading Commission (CFTC) expressed scepticism towards the SEC’s strict position on Bitcoin ETFs — specifically citing to the SEC’s relationship to value control. The Commissioner argued that potential manipulation should not be a barrier to the SEC approving a Bitcoin ETF.

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Talking on board with Quintenz, SEC Commissioner Heister Peirce — known as “crypto mom” in the crypto community — seemed to agree with the CFTC Commissioner, noticing that the SEC can at present “build products on top of” unregulated markets.

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