SEC Asks Bitwise to Address Concerns About Proposed Spot Bitcoin ETF

2 years ago

The SEC has asked Bitwise to clarify however the concern steadfast volition forestall stock manipulation, fraud and different imaginable issues successful its projected spot bitcoin ETF, according to a notice to the institution connected Tuesday.

The bureau besides flagged its concerns astir the Bitwise Bitcoin ETP Trust's liquidity and transparency and requested much colour connected the “suitability” of bitcoin arsenic the underlying plus for the fund.
The SEC’s petition veered from its serial denials to day of different projected spot Bitcoin ETPs.
Over the past 2 months, the bureau has rejected applications from WisdomTree, Krypton, SkyBridge and Fidelity. It is weighing a fig of different applications from concern firms.
Last December, the SEC delayed a determination connected the spot bitcoin applications of Bitwise and Grayscale, a portion of Digital Currency Group, which is the genitor institution of CoinDesk.
Bitwise volition person 21 days to respond to the SEC’s concerns.

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The person successful quality and accusation connected cryptocurrency, integer assets and the aboriginal of money, CoinDesk is simply a media outlet that strives for the highest journalistic standards and abides by a strict acceptable of editorial policies. CoinDesk is an autarkic operating subsidiary of Digital Currency Group, which invests successful cryptocurrencies and blockchain startups. As portion of their compensation, definite CoinDesk employees, including editorial employees, whitethorn person vulnerability to DCG equity successful the signifier of stock appreciation rights, which vest implicit a multi-year period. CoinDesk journalists are not allowed to acquisition banal outright successful DCG.

Michael Bellusci is CoinDesk's crypto payments reporter.

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