Bitwise Bitcoin ETF Now Awaits SEC Resumption

Wilfred Michael 

Wilfred Michael

News reporter

25 January 2019,
20:37
Bitwise Bitcoin ETF Now Awaits SEC Resumption

A proposed rule change by crypto start-up, Bitwise Asset Management that will result in the listing of the first U.S Bitcoin Exchange Traded Fund (ETF) has received a significant boost.

The New York Stock Exchange (NYSE) Arca on which the ETF will trade, has submitted a filing with the U.S SEC according to a document on its website.

Interestingly, NYSE Arca submitted the filling on the same day when Bitwise announced they are applying for a Bitcoin ETF. However, Bitwise did not disclose in its announcement that the filing was submitted the same day, nor have an update sufficed since then.

Also, no notice about the application was released by the U.S SEC on its website because of the recent government shutdown.

What Does The New Discovery Mean For The Crypto Industry?

Earlier this week, the Chicago Board Options Exchange (CBOE) withdrew its Bitcoin ETF application with the SEC, citing the government shutdown as a reason.

That negative news dampened the zeal of crypto investors who were hoping that the U.S SEC will approve for a Bitcoin ETF in 2019. However, the latest development around Bitwise means that all hope is not lost at least.

Although no one can predict precisely when the U.S government shutdown will end, it is certain that the Bitcoin ETF application by Bitwise will be one of the first proposals that the SEC will meet on its desk.

A deadline on when the regulators will announce its resolution about the Bitwise Bitcoin ETF will only be made public when the proposal is published in the Public Register for comments. However, the chances of it being in 2019 or early 2020 are still high.

Bitwise claims to have addressed the reasons given by the SEC for denying previous proposals, and it will be interesting to find out whether the regulators agree with this or not.