SEC Delays Decision on Bitwise Spot Bitcoin ETF
https://ift.tt/WIsKS0d
On February 1, 2022 the SEC released an order asking Bitwise to clarify how the firm will prevent manipulation, fraud, liquidity, the spot ETFs effect on bitcoin futures trading and other potential issues. Bitwise will have 21 days to publicly address the SEC’s concerns, then the ruling on listing the spot bitcoin ETF on Intercontinental Exchange Inc’s (ICE.N) NYSE Arca exchange will be made. This is the second delay by the SEC of the spot bitcoin ETF submitted by Bitwise.
The SEC has previously denied all attempts to list a spot bitcoin ETF, last week the SEC denied Fidelities attempt to list a spot ETF. Fidelity proposed a rule change which would allow investors the ability to access the fund through a traditional brokerage account, which is similar to the proposal made by Bitwise. There has been a push for spot bitcoin ETFs after the approval of the first bitcoin futures ETF last year. The ProShares Bitcoin Strategy ETF was one of the fastest selling ETFs in history. The US regulators appear to be more resistant to spot bitcoin ETF than other countries, such as the Fidelity spot bitcoin ETF which is available in Canada.
Brandon is a data analyst who enjoys writing about bitcoin and finance. He is the co-founder of Green Candle Investments, a bitcoin and finance media company.
Cryptocurrency
