U.S SEC Delays Bitwise ETF Proposal Again

Wilfred Michael 

Wilfred Michael

News reporter

14 May 2019,
19:32
U.S SEC Delays Bitwise ETF Proposal Again

The United States Securities and Exchanges Commission (SEC) will not give its ruling but will continue accepting public comments regarding a Bitcoin ETF application filed in January by Bitwise Investment Advisers in partnership with NYSE Arca.

According to a release by the regulators, today May 14, the decision to further extend the period for public comments on the ETF proposal comes from the fact that NYSE Arca, the trading venue for the planned ETF made changes to the original submission.

The new changes serve as a response to ideas shared by the 25 people who have made comments regarding the proposal. Uninterestingly, most of the respondents are against the approval of the ETF, casting shadows on its chances of securing approval.

Meanwhile, the SEC’s latest release represents the second time that the regulators extend the deadline for deciding whether to approve or disapprove the Bitwise ETF proposal that was first published in the public register in mid-February.

The SEC will now allow three weeks to receive further comments and an additional two weeks to receive feedback from NYSE Arca regarding any objections made by respondents.

The Race for a Crypto ETF

As Stmarket.co reported previously, Bitwise is not the only asset management first seeking a cryptocurrency-related ETF approval from the U.S SEC.

VanEck Investments and SolidX also have a pending proposal with the regulators while another firm, Crescent Crypto said last week that it had submitted a similar application. However, Crescent Crypto goes one step ahead to propose an ETF tracking both Bitcoin and top altcoin, Ethereum.

The SEC is yet to approve any of these requests even though officials and industry participants believe that they will soon do so.

 

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