SEC Records Yet Another Bitcoin ETF Petition Withdrawal
Login

SEC Records Yet Another Bitcoin ETF Petition Withdrawal

Estimated Reading Time: 3 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Azeez Mustapha

Updated:
A document published on the 14th of January by the United States Securities and Exchange Commission has confirmed rumors being circulated that Bitwise Asset Management has withdrawn its previous petition for a Bitcoin exchange-traded fund. This will be the second notable ETF withdrawal in the past few months after a coinciding action by VanEck.

Bitwise originally filed for an ETF enrollment in January last year. Some months after its filing, the firm published the Bitwise Report on exchange volume, which claimed that 95% of its total trading volume was falsified.

This discovery was used by the enterprise as a debating point for the SEC to approve the ETF filing. By dismissing the bulk of the exchange volume, the enterprise sustained that price formation for Bitcoin happened largely on regulated exchanges.

However, the SEC was not convinced by this debate and turned down the petition in October 2019. Some weeks later, however, the agency settled on re-evaluating its vindication.

This has led to confusion as to why Bitwise is now just deciding to relinquish its petition. The executive of the enterprise has refused to give any statement on the development.

This is almost the same pattern that ensued before VanEck withdrew its ETF petition in September 2019.

Challenges Facing Bitcoin ETFs
An ETF is much like a stock that tracks certain assets or indexes of an asset. Shares of ETFs mimic the price movement of the underlying asset and can be traded normally on exchanges.

A Bitcoin ETF on that account would provide institutional and retail investors likewise with the means to have unrestrained access to the cryptocurrency while obeying regulations set by exchanges.

There have been numerous undertakings in the past to get the SEC to approve a Bitcoin ETF. The agency’s main concern is still on the possibility of manipulation by bad actors and difficulty in regulation.

The Chair of the SEC, Jay Clayton, stated in a conference in September last year that the agency was progressing and that there was still a lot of work to be done.

The agency has another ruling on an ETF petition by Wilshire Phoenix set for February 2020.

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News