SEC Begin Countdown For Bitwise Bitcoin ETF Application

Wilfred Michael 

Wilfred Michael

News reporter

15 February 2019,
15:10
SEC Begin Countdown For Bitwise Bitcoin ETF Application

A proposed rule change by crypto startup Bitwise, to list a Bitcoin Exchange Traded Fund (ETF) on the New York Stock Exchange (NYSE) Arca has been published today in the Federal Register by the U.S SEC.

The publication of the proposed rule change today Feb 15, means that members of the public who want to make comments about the listing can do so within the next three weeks.

Additionally, the U.S SEC will have 45 days to make its decision on whether to approve, reject or extend its deadline on the proposed rule change.

In January, Stmarket.co reported that Bitwise Asset Management submitted a Bitcoin ETF proposal with the U.S SEC and will wait for it partners, NYSE Arca to submit its filing with the regulators.

However, news later emerged that NYSE Arca submitted its filling on the same day that Bitwise did, meaning that the ETF application was awaiting the resumption of the U.S SEC after the government shutdown in December.

With the SEC resuming operations roughly two weeks ago, publishing the filing in the Federal register entails that the regulators have started review the application for the rule change.

Meanwhile, Bitwise officials in January expressed confidence that the SEC might just consent to their application because they have spent the past one year to study previously rejected proposals.

Those high hopes will further be strengthened by leaked comments made in the previous week by SEC Commissioner Robert J Jackson Jr.

The top official admitted that crypto “market participants have begun to come in with ideas” and eventually one of them would meet up with the high investor protection standards set by the U.S SEC.

Aside from Bitwise’s application, the SEC could also publish CBOE’s resubmitted Bitcoin ETF application in the coming weeks.

 

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