Cryptocurrency
The SEC Is Reviewing the Bitwise Bitcoin ETF Rejection
As reported by CoinDesk, “The U.S. Securities and Exchange Commission (SEC) is taking a second look at the rejection of a recent bitcoin exchange-traded fund (ETF) proposal. “Overturning the rejection would clear the way for potentially the first bitcoin ETF in the U.S., following years of anticipation of a mainstream-ready investment product. “According to a notice […]
As reported by CoinDesk, “The U.S. Securities and Exchange Commission (SEC) is taking a second look at the rejection of a recent bitcoin exchange-traded fund (ETF) proposal.
“Overturning the rejection would clear the way for potentially the first bitcoin ETF in the U.S., following years of anticipation of a mainstream-ready investment product.
“According to a notice published in the Federal Register over the weekend and dated Nov. 18, the SEC’s five commissioners will review the bitcoin ETF put forth by Bitwise Asset Management.
“Bitwise did not request the review, said Matt Hougan, the company’s global head of research.
“’We do, however, welcome the opportunity to submit comments and continue the dialogue with the SEC,’ he said in an email.
“The rejection was written by the agency’s Division of Trading and Markets on Oct. 9. The Nov. 18 notice actually references a letter from the SEC’s commissioners dated Oct. 15.
“It is not clear what triggered the SEC’s review. Under current federal law, the commissioners can grant a review at their discretion, or following the filing of a petition.
“The order rejecting the proposal will remain in effect until the review has concluded, the notice said, with the commissioners either upholding the staff rejection or overturning it. As part of the review, the general public can comment on the rejection through Dec. 18, 2019.”