Bitwise Asset Management, a prominent cryptocurrency investment firm, has resubmitted a filing for a Bitcoin spot exchange-traded fund (ETF) following in the footsteps of BlackRock.The U.S. Securities and Exchange Commission (SEC) recently rejected a previous application from Bitwise in June of this year.
The SEC cited concerns over the lack of adequate surveillance measures, potential market manipulation, and the size of the relevant market in its rejection of Bitwise’s initial ETF proposal.
However, the regulatory body did express the possibility of approving future applications that meet these criteria. Bitwise has taken these comments to heart and has attempted to address these concerns in its latest filing.
According to Source, Bitwise – In its new application has included a request for the SEC to review, approve, reject, or initiate other proceedings regarding its proposed rule change within a 45 to 90-day timeframe. The filing has been published by the New York Stock Exchange (NYSE), but it has yet to be processed by the SEC, making the actual deadline for a decision unclear.
Bitwise’s decision to file for a Bitcoin spot ETF is not unexpected, as the firm previously submitted a similar application on June 15. This move by Bitwise has sparked optimism among industry experts, given the SEC’s recent willingness to consider BlackRock’s ETF applications.
However, some experts remain skeptical about the chances of approval for Bitwise’s ETF proposal.
The SEC has yet to approve a Bitcoin spot ETF and has rejected numerous applications from various participants in the cryptocurrency and financial industry.
Bitwise CEO Matthew Hougan, speaking earlier this year, expressed his belief that the U.S. would eventually approve a spot Bitcoin ETF. However, he noted that there is currently”nopathforward” for companies seeking to offer such a fund.
While the future of Bitwise’s ETF proposal remains uncertain, the company has a reputation for leading innovation in the cryptocurrency space. Bitwise was the first to pioneer a cryptocurrency index fund and has become a leading provider of rules-based exposure to the cryptoasset market.
BlackRock, on the other hand, is a globally renowned asset management firm based in New York City. Its involvement in the ETF space has garnered attention, and its applications have brought hope to other market participants. However, it is important to note that the SEC’s decision-making process remains independent and is not influenced by any relationship with these firms.
In conclusion, Bitwise’s resubmission of its Bitcoin spot ETF filing follows the rejection of its previous application by the SEC. The company has attempted to address the SEC’s concerns in its latest filing and has requested an expedited review process.
While the outcome remains uncertain, Bitwise’s innovative track record and BlackRock’s involvement in the ETF space have generated optimism among industry experts. However, individuals should approach cryptocurrency investments with caution and conduct their own research before making any investment decisions.