Bitwise: SEC request to Bitcoin ETF withdrawn
It developed slowly to a never-ending story: The application of Bitwise to a Bitcoin ETF. The application to the SEC, the stock market pulled back now,
SEC is locked against ETFs on the Bitcoin
Several times, the Securities and Exchange Commission (SEC) has given their critical Position in relation to crypto-derivatives by the authority pushed the admission procedure on the long Bank. The Bitcoin exchange Bitwise belongs to those service providers who can sing a sad song of the laborious test procedures. While other crypto were able to start companies like Bakkt now successfully trade Futures on Bitcoin, has Bitwise taken a different decision. And this will probably not be a good Signal for other companies, the products, in conjunction with Bitcoin, Ethereum and other Cryptocurrencies are planning. After the SEC rejected the application of the Bitwise BTC ETF can be repeated, or simply no judgement to be made on the stock market now, according to his own statement, seemingly.
Stock exchange wants to be with a new application successfully
At least for now, the company buries his project to a Bitcoin Exchange Traded Fund (ETF). One of the great bearers of hope pulls back. The reaction to the start of the week but is basically understandable. Finally, the stock exchange has granted supervision in the past few months, not only in the case of Bitwise regularly such products a cancellation. That’s right, but also that the company will not, dispense entirely with the future establishment of an exchange-traded Bitcoin Fund. Rather, it seems to be here rather anticipatory obedience on the horizon. Because it seemed likely that the application would be rejected by the SEC. The authority sees in ETFs and other derivatives like options tool, which could potentially open manipulation of the market door.
Bitwise wants to prepare better to the SEC requirements
The withdrawal of the application suggests that Bitwise would once again like to make improvements, to take the supervision of possible arguments for a re-rejection. Bitwise provides for the measure “in accordance with the protection of investors” and the General interest at the moment. According to the research Department at the stock exchange it is now preparing a detailed reading of the current SEC-a catalogue with questions to regulatory requests. To put but when at a later date, a new application will, leaves the company in the meantime. It will not be easy, say and write eight Meetings have been held responsible Bitwise with the representatives of the supervision, without satisfactory results. New products would be an important Signal off the investors who hold physical Coins in Wallets.
Featured Image: Bianca Holland | Pixabay
