CIOTechie_Fintech_UnitedStates_SecurityAndExchangeCommision_SEC_Bitcoin_Cryptocurrency_ExchangeTradedFund_ETF_BitwiseAssetManagement

The U.S. SEC Delays Its Decision On Bitwise Asset Management’s Bitcoin ETF Approval

BFSI News

The_U.S.-SEC-Delays-Its-Decision-On-Bitwise-Asset-Management’s-Bitcoin-ETF-Approval The U.S. SEC Delays Its Decision On Bitwise Asset Management’s Bitcoin ETF ApprovalThe U.S. Securities and Exchange Commission (SEC) has reportedly delayed again its decision on Bitwise Asset Management’s Bitcoin (BTC) exchange traded fund (ETF). Bitwise Asset Management is a trusted partner to individuals, wealth managers, investment managers and institutions in navigating cryptocurrency and a provider of a cryptocurrency index fund. In a recent document, the SEC mentioned that it has held off its decision on whether to approve or reject Bitwise’s ETF and also called for public comment from interested parties.

The agency has asked to provide their views, data, and arguments in a written submission on the proposed issues from interested persons. Additionally, they ask other concerns they may have with the proposal. In February, Bitwise Asset Management was initially filed for an ETF under the condition that the SEC would reach a decision in 45 days. As per the report, the company was proposed Bitcoin ETF differs from other previously proposed Bitcoin ETFs in that it draws prices from an assortment of cryptocurrency exchanges, to facilitate better representing the market.

In its approval process, the U.S. SEC had first delayed its decision on the Bitwise ETF application in March this year. And for this, by 16th May, the agency was obligated to come to a decision on whether to approve the rule change.  However, as per the recent filing by the U.S. SEC, the public comment period will end three weeks after the most recent amendments to the Bitwise ETF application are issued in the Federal Register, followed by two weeks for responses.