Bitwise Withdraws Bitcoin ETF Application With the SEC

Bitwise Asset Management has withdrawn its application with the Securities and Trade Commission (SEC) for its proposed bitcoin exchange-traded fund (ETF).

The business asked for the withdrawal in a submitting posted with the SEC on Tuesday.

Even though the news may well disappoint those people in the financial investment group keen to see the initially at any time bitcoin ETF in the U.S., the news is unsurprising. The proposal has currently been rejected by the SEC in October, whilst the regulator mentioned shortly soon after that it was examining the rejection.

The proposal, filed in conjunction with NYSE Arca, did not fulfill authorized specifications to stop current market manipulation or other illicit pursuits, the commission mentioned in its rejection announcement.

CoinDesk has arrived at out to Bitwise for extra information on the good reasons for ETF withdrawal.

Even so, it is likely that the proposal will be revised soon after dialogue with the SEC and refiled likely forward.

With this motion, Bitwise leaves just just one bitcoin ETF proposal before the SEC.

The bitcoin and U.S. Treasury bond ETF prepared by Wilshire Phoenix is continue to below review and is envisioned to be dominated on by the SEC by Feb. 26. The business has earlier instructed CoinDesk that its ETF has been crafted with mechanisms to deal with the SEC’s concerns over ETFs dependent on electronic belongings, and hopes it will see acceptance.

The SEC has so considerably rejected at the very least a dozen bitcoin ETFs.

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