The US Securities and Exchange Commission (SEC) had disapproved the Bitcoin ETF or Bitcoin exchange-traded fund proposal filed by the Bitwise Asset Management in February this year. In support of the rejection, SEC also released a 112 pages super detailed note on October 10, explaining the reasons for the rejection. SEC justified its move by stating that the Bitcoin ETF proposal did not comply with the rules specified in the Exchange Act u/s 6(b) (5) to prevent “fraudulent and manipulative acts.”
However, this decision does not seem to have disheartened Bitwise at all. The firm still seems hopeful for positive outcomes, sometime in the future, if not immediately now. In a recent press meet, Bitwise expressed its gratitude towards SEC’s decision and also made an official announcement that it will re-file another ETF proposal, “as soon as appropriate.”
However, SEC has again given a deadline to Bitwise to file a Bitcoin ETF proposal and, if approved this time, will set a milestone in the long-term growth history of the company. Matt Hougan, the MD of Bitwise Asset Management, is very optimistic this time as he was previously, in getting a green signal from the regulator (SEC) for the new Bitcoin ETF proposal.
The SEC will be giving its verdict before Monday and it has no reason to postpone the decision this time. Therefore, it is a week of great excitement for the company and it is keeping its fingers crossed. With Bitcoin BTF, the investors will have safe and secure access to cryptocurrencies.