Bitwise Bitcoin ETF
The U.S. Securities and Exchange Commission (SEC) has delayed its decision on the Bitwise exchange-traded fund (ETF) proposal filed with NYSE Arca. According to the new filing,
“On March 29, 2019, pursuant to Section 19(b)(2) of the Act, the Commission designated a longer period within which to approve the proposed rule change, disapprove the proposed rule change, or institute proceedings to determine whether to approve or disapprove the proposed rule change.”
This marks yet another delay by the SEC which has yet to approve any Bitcoin ETFs. Initially submitted in January of 2019, the Bitwise ETF would have become, if approved, the first regulated crypto ETF by the SEC.
The SEC remains open to input from the public and invites more comments, after having received 25 comments following the Commission’s most recent request in March.
“The Commission is publishing this notice and order to solicit comments on the proposed rule change, as modified by Amendment No. 1, from interested persons and to institute proceedings pursuant to Section 19(b)(2)(B) of the Act to determine whether to approve or disapprove the proposed rule change, as modified by Amendment No. 1.”
The filing notes that unreliable crypto trading volumes fuel an inefficient view of the marketplace.
“Unfortunately, in practice, many perceive that the market for bitcoin as disorderly and inefficient, with many unregulated operators running crypto ‘exchanges’ from unknown domiciles.”
The SEC specifically asks the public to comment on Bitfinex and how it believes the recent controversy has affected the market.
“The Exchange represents that, as of April 26, 2019, the Bitwise Crypto Index Committee removed Bitfinex from the list of trading venues that contribute prices to derive the Bitwise Daily Bitcoin Reference Price.