2.4 C
Manchester
November 19, 2019
Image default
BTC

SEC Wants Second Look at Bitwise Bitcoin ETF Proposal

The U.S. Securities and Exchange Commission (SEC) is reviewing its order issued final week pertaining to a rejected proposal for a bitcoin exchange-traded fund (ETF). The proposal was filed by NYSE Arca for the Bitwise Bitcoin ETF Trust. Meanwhile, the SEC can also be evaluating a proposed rule change for a special sort of bitcoin ETF.

Also learn: SEC Rejects Another High-Profile Bitcoin ETF Proposal

ETF Order Stayed

The SEC has despatched a letter dated Oct. 15 to Intercontinental Exchange (ICE), the guardian firm of the NYSE, regarding its latest order disapproving NYSE Arca’s proposal to checklist and commerce shares of the Bitwise Bitcoin ETF Trust. This proposal was rejected on Oct. 9. “This letter is to notify you that, pursuant to Rule 431 of the Commission’s Rules of Practice, 17 CFR 201.431, the Commission will review the delegated action,” the letter explains, including:

In accordance with Rule 431(e), the October 9, 2019 order is stayed till the Commission orders in any other case.

SEC Wants Second Look at Bitwise Bitcoin ETF Proposal

The letter continues, “The Office of the Secretary will notify you of any pertinent action taken by the Commission.”

Prior to the Oct. 9 rejection, ICE and Bitwise had been actively discussing their bitcoin ETF proposal with the SEC. The Commission emphasised that its disapproval “does not rest on an evaluation of whether bitcoin, or blockchain technology more generally, has utility or value as an innovation or an investment.” This can also be not the primary time the SEC has taken this motion. In August final 12 months, the Commission did the identical with three orders for 9 bitcoin ETFs.

T-Bill Bitcoin ETF within the Running

Besides reviewing the order disapproving the proposal for the Bitwise Bitcoin ETF Trust, the SEC is at present evaluating one other proposed rule change filed by NYSE Arca. The alternate is in search of to checklist and commerce shares of the United States Bitcoin and Treasury Investment Trust.

SEC Wants Second Look at Bitwise Bitcoin ETF Proposal

The proposal was first filed with the company on June 12 and printed within the Federal Register on July 1. The alternate filed Amendment No. 1 to the proposed rule change on Oct. four, after which the SEC proceeded to solicit feedback from the general public. As of Oct. 10, the company says it has obtained 9 feedback on the proposal.

According to the modification, “the trust will have no assets other than (a) bitcoin and (b) short-term U.S. Treasury securities with a maturity of less than one year (‘T-Bills’).” Further, the belief will maintain U.S. dollars for brief intervals of time in reference to the maturity of the T-bills, the sale and buy of the underlying property, redemptions, if any, and bills of the belief.

Do you suppose the SEC will approve any bitcoin ETF proposal anytime quickly? Let us know within the feedback part beneath.


Images courtesy of Shutterstock.


Did you already know you should buy and promote BCH privately utilizing our noncustodial, peer-to-peer Local Bitcoin Cash buying and selling platform? The native.Bitcoin.com market has 1000’s of individuals from all around the globe buying and selling BCH proper now. And when you want a bitcoin pockets to securely retailer your cash, you may obtain one from us right here.

Tags on this story
Bitcoin, bitcoin etf, Bitwise, BTC, crypto, crypto property, Cryptocurrencies, Cryptocurrency, Digital Currency, disapproval, alternate traded fund, nyse arca, order, rejection, Review, SEC, Virtual Currency
Kevin Helms

A scholar of Austrian Economics, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His pursuits lie in Bitcoin safety, open-source techniques, community results and the intersection between economics and cryptography.




Related posts

Alibaba’s Payment Service Bans All Cryptocurrency Transactions

admin

Bitcoin Underperforms as Investors’ Focus Remains on Brexit

admin

Esports, Cannabis and BCH: First AMA With Bitcoin.com CEO Stefan Rust

admin

Leave a Comment

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.