The United States Securities and Exchange Commission has rejected a proposal to list a Bitcoin exchange-traded fund.
In an announcement on Oct. 9, the Commission stated that the ETF filing from Bitwise Asset Management and NYSE Arca did not meet the necessary requirements.
Specifically, regulators stated that the applicants did not meet the necessary requirements regarding possible market manipulation and illicit activities.
"Rather, theCommission is disapproving this proposed rule change because, as discussed below, NYSE Arcahas not met its burden under the Exchange Act and the Commission's Rules of Practice todemonstrate that its proposal is consistent with the requirements of Exchange Act Section6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be'designed to prevent fraudulent and manipulative acts and practices.'" Bitcoin ETF "Closer than ever?".
Today's decision by the SEC seems to fly in the face of recent comments from Matt Hougan, managing director and global head of research at Bitwise, who on CNBC on Oct. 7 said, "We're closer than we've ever been before to getting a Bitcoin ETF approved."
"Two years ago, there were no regulated, insured custodians in the Bitcoin market. Today, ... there are big names like Fidelity and CoinBase [with] hundreds of millions of dollars of insurance from firms like Lloyd's of London."
The rejection of Bitwise's proposal follows a circuitous series of delays and requests for comment from the SEC. In August, the regulator postponed its decision on the proposal - together with two other crypto ETF applications - until Oct. 13.
Bitwise initially filed its application for a rule change to U.S. securities laws in January.
US SEC Rejects Bitwise Bitcoin ETF Proposal
Publié le Oct 9, 2019
by Cointele | Publié le Coinage
Mentionné dans cet article
The S&P 500 just broke a critical resistance; here's what this could mean for Bitcoin
Despite the global economy being virtually frozen, the S&P 500 and all other benchmark stock indices have been able to rally today, smashing through critical technical levels and potentially creating shockwaves that boost Bitcoin.
Ethereum DeFi platform Centrifuge wants everyone to access liquidity via tokenized real-world assets
The firm's thesis looks to empower individuals and businesses to unlock capital and finance real-world assets via an extensive, yet decentralized, finance pool.
Bitfury Launches Mining Investment Solutions for Institutions
Bitfury is opening the company up to institutional investment, which it says will help family offices and others to diversify their holdings with Bitcoin mining.
The Bitcoin Pizza Day Numbers Are Actually Worse Than You Thought
The 'pizza guy' spent billion dollars on pizza and gave away another billion dollars, yet he has no regrets about squandering his 100k Bitcoin fortune.