SEC Rejects Bitwise Application for Bitcoin ETF

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10.10.2019  |   in BNT Reviews The Review of SEC Activity for 9 Months of 2019 The US Securities and Exchange Commission (SEC) does not leave the pages of cryptocurrency-related publications. The Bitwise Asset Management application for Bitcoin ETF was rejected by the Commission on the basis that such a fund would lead to “manipulative acts and practices”. Bitwise, in turn, does not see the solution as a final “rejection." The main subject of the dispute was the applicants' inability to convincingly prove that the cryptocurrency investment market is free from fraud and manipulation. According to a 112-page document published on October 9, the regulator decided to “disapprove”.

Article Preview 10.10.2019  |   in BNT Reviews The Review of SEC Activity for 9 Months of 2019 The US Securities and Exchange Commission (SEC) does not leave the pages of cryptocurrency-related publications. The Bitwise Asset Management application for Bitcoin ETF was rejected by the Commission on the basis that such a fund would lead to “manipulative acts and practices”.

According to a 112-page document published on October 9, the regulator decided to “disapprove”. The main subject of the dispute was the applicants' inability to convincingly prove that the cryptocurrency investment market is free from fraud and manipulation.

The document states the following:

“NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements...

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