Bitwise Bitcoin ETF Proposal Gets Rejected By The SEC

The Bitwise Bitcoin ETF proposal got its rejection letter from the U.
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S. Securities and Exchange Commission so a new bitcoin exchange-traded fund won’t be launching anytime soon as we can read in the blockchain news today.

The SEC announced back on Wednesday that the Bitwise Bitcoin ETF proposal that was initially filed in conjunction with NYSE Arca, didn’t meet the legal requirements to prevent market manipulation so now NYSE Arca has the burden to carry on its own rather than Bitwise’s proposal itself. Up to this date, the SEC rejected all Bitcoin ETF proposals and cited:

 “The Commission is disapproving this proposed rule change because, as discussed below, NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be ‘designed to prevent fraudulent and manipulative acts and practices.’”

Bitwise filed the first ETF proposal with NYSE Arca in January 2019 and kicked off most of the recent push to offer the retail customers a regulated bitcoin product. The company wanted to be the first to launch an ETF in the United States alongside its competitor VanECK which also filed a similar ETF proposal with SolidX and CBOE BZX. However, VanECK pulled its version last month. Bitwise tried to reassure the regulator that the issues relating to the market manipulation and fraudulent activity could be addressed, issuing a huge number of reports on what it saw as the ‘’real’’ bitcoin market and showing how the market activity is correlated with the regulated bitcoin futures market.

As we read previously in the cryptocurrency news, the SEC only has one Bitcoin ETF proposal sitting on its desks and it is filed by Wilshire Phoenix and NYSE Arca.  Before denying their application, the SEC on top of that has asked the interested persons to “provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal.”