Bitwise Continues Hoping For New BTC Spot ETF Application Filing Following BlackRock
- Bitwise Asset Management has resubmitted its proposal for a Bitcoin spot ETF.
- This move follows BlackRock, the world’s biggest asset manager, expressing interest in a Bitcoin ETF.
Bitwise Asset Management has filed a proposed regulation modification to accommodate its intended Bitcoin spot ETF.
The prior proposal was denied by the Securities and Exchange Commission, or SEC, during the June application period last year. The SEC said at the time that Bitwise’s ETF could not implement an acceptable surveillance-sharing mechanism, could not offer protection against market manipulation, and could not demonstrate that the relevant market was of considerable size.
Nonetheless, the SEC accepted the possibility of future filings to resolve these issues, and Bitwise is currently attempting to establish compliance in its most recent filing.
In our most recent submission, BitWise requested a formal schedule for the SEC’s decision-making process. The corporation specifically requested a decision on approval, denial, or the beginning of additional processes within 45 to 90 days. Its goal is to improve the assessment process by increasing clarity and openness.
While the application has been made public through the New York Stock Exchange (NYSE), it is vital to highlight that the SEC has yet to process it. As a result, the specific decision-making timeline remains unknown at this moment.
Following the recent revelation of BlackRock’s June 15 submission of a Bitcoin spot ETF application, Bitwise has responded with its own file. Given the company’s track record of successful ETF submissions with the SEC, market players are optimistic about BlackRock’s application.
But, analysts are skeptical that BlackRock’s present plan would be approved. The US Securities and Exchange Commission has yet to approve a Bitcoin spot ETF and has rejected multiple other applications from the cryptocurrency and banking industries.
Bitwise CEO Matthew Hougan addressed this regulatory landscape in March, indicating that although he expects the United States would ultimately approve a Bitcoin spot ETF, the current regulatory climate offers hurdles for organizations attempting to launch such a fund. Hougan pointed out that there is now no clear road to approval.
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