Cryptocurrency
Bitwise writes to SEC again, saying it is ‘committed’ to creating a bitcoin ETF
As reported by The Block, “Cryptocurrency asset management firm Bitwise has written a new letter to the U.S. Securities and Exchange Commission (SEC), saying that it is ‘committed’ to creating a bitcoin exchange-traded fund (ETF). “The letter, submitted by Bitwise on Wednesday and published by the SEC on Friday, is the firm’s response to the […]
As reported by The Block, “Cryptocurrency asset management firm Bitwise has written a new letter to the U.S. Securities and Exchange Commission (SEC), saying that it is ‘committed’ to creating a bitcoin exchange-traded fund (ETF).
“The letter, submitted by Bitwise on Wednesday and published by the SEC on Friday, is the firm’s response to the regulator’s 112-page disapproval order of its bitcoin ETF in October.
“Penned by Bitwise’s executive team – Hunter Horsley (CEO), Hong Kim (CTO), Teddy Fusaro (COO) and Matt Hougan (global head of research) – the letter tries to address the SEC’s concerns of market manipulation and surveillance sharing for approving a bitcoin ETF.
“On market manipulation front, Bitwise said the bitcoin market is ‘uniquely resistant’ because bitcoin’s price is set in the open market. Traditional markets, on the other hand, ‘rely on coordinated fix pricing,’ where scandals such as the London Interbank Offered Rate (LIBOR) scandal of 2012, have occurred, according to Bitwise…”