In 2018, not a day went by without you reading anything about a bitcoin Exchange Traded Funds (ETF). But this year too, hard work is being done behind the scenes to launch a bitcoin ETF. And there is moderately positive news: the Bitwise application is being re-examined by the Securities and Exchanges Commission (SEC). This appears from a public note from the SEC.
Rejected last month, now re-examination
If you missed it, last month the American SEC rejected the Bitwise Asset Management proposal. Matt Hougan was optimistic the week before: “A bitcoin ETF is closer than ever.” Concerns about market manipulation and fraudulent activities were the reasons.
The road to acceptance is long. On 15 February, Bitwise submitted the first proposal for a bitcoin ETF to the SEC. After being postponed several times, the application was rejected on 9 October. The SEC now re-examines the application.
The American financial watchdog is also open to feedback. Anyone who wants to comment on the decision.
Bitwise has not asked for the revision, but is happy with it, says director Matt Hougan:
“We welcome the opportunity to comment and continue the dialogue with the SEC.”
For years, American parties have been fighting to be the first to offer a regulated bitcoin ETF. VanEck / SolidX and Wilshere Phoenix have also submitted an application.
When will the first application be accepted? That remains the question. Charles Lu is CEO of Findora: “Before a bitcoin ETF is approved, it must first be proven that price discovery takes place on the market, instead of manipulation. The SEC will require cryptocurrency exchanges to share information. Few foreign exchanges will cooperate in this. “
So for now it remains to be seen! We keep an eye on the developments for you.