Bitwise Takes a New Approach
Fresh off a rejection from the U.S. Securities and Exchange Commission (SEC), Bitwise Asset Management, along with NYSE Arca, has announced its intent to refile their Bitcoin exchange-traded fund (ETF) application. It seems the dynamic duo isn’t ready to throw in the towel just yet and are looking to craft a stronger case for the crypto-loving investors out there.
SEC’s Rethink on the Issue
The news release revealed on October 9 expressed a sense of optimism despite the SEC’s recent decision. They indicated that the meticulous feedback from the SEC offers not just a critique but a roadmap to future submissions. As they put it, “We deeply appreciate the SEC’s careful review. The detailed feedback provides critical context and a clear pathway for ETF applicants.”
Progress Amidset Back
Even with the setback, Bitcoin’s market remained resolute, not showing any dramatic dips following the news. Bitwise, particularly, was riding a wave of confidence just days before the rejection, with CEO Matt Hougan proclaiming, “We’re closer than we’ve ever been before to getting a Bitcoin ETF approved.”
The Dance with Regulators
Bitwise’s journey with the SEC has been nothing short of a marathon—plenty of dialogue over the span of more than a year, filled with hopeful musings and regulatory hurdles. Though they couldn’t meet SEC demands within the mandated 240-day review window, Bitwise believes that the industry’s growth will eventually appease the regulatory body. They stated, “While we were not able to satisfy the SEC’s concerns… we are pleased with the progress that the industry has made.”
Looking Ahead
In the backdrop, the ETF landscape continues to shift. Just last month, another proposal from VanEck and SolidX was taken back by its sponsors, showcasing the unpredictable nature of crypto regulations. As investors sit tight with bated breath, all eyes will be on Bitwise as they prepare to refile and hopefully turn the tide in favor of crypto ETFs.
+ There are no comments
Add yours