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The asset management company of cryptocurrency, Bitwise, has filed another deposit of Bitcoin ETF to the United States Securities and Exchange Commission (SEC). L & # 39; CompanyThe previous deposit of BTC ETF was among those rejected by the SEC in 2018
Bitcoin ETF with physical support
If you can not do it, try again. The famous maxim seems contextual for Bitwise, as the company is preparing for another attempt to obtain SEC approval for a Bitcoin ETF. According to a Press release published Thursday, January 10, 2019, the asset management company of cryptocurrencies presented an initial statement of registration on Form S-1 with the SEC.
This new archive refers to a physically supported bitcoin ETF listed on the NYSE Arca. According to the announcement of Bitwise, the new BTC ETF will follow the company's Bitcoin index.
In the future, NYSEC Arca is expected to present a "Change of Rules" with the SEC in the coming days that will allow it to list the shares of the BTF ETF BT with an approved ticker symbol.
Meet the SEC
For Bitwise, the focus is on meeting the SEC this time. The Commission has constantly reiterated its concerns about the approval of a Bitcoin ETF based on issues such as market manipulation, fair price and liquidity.
Commenting on the preparation of the company in this regard, Bitwise global research leader Matt Hougan said:
The SEC has asked relevant and relevant questions on the quality of the encryption ecosystem, on the reliability of cryptographic prices, on the strength of the cryptic arbitration function and on the robustness of the crypto housing. We spent the last year looking for these questions and we are not looking forward to discussing these results with the SEC staff in relation to the filing and listing application.
One of the significant changes included in the new deposit is that it uses third-party custody services. With regard to price correctness, the Bitwise BTC index aggregates price data on many of the industry's most important trading platforms. The company hopes that this mechanism will be a fair price for the SEC.
Research for ETC BTC approval continues
For John Hyland, the head of Bitwise Global ETF, the hope of a SEC-approved Bitcoin ETF remains still. Commenting on the problem, Hyland said:
Although there is no guarantee that the 19b-4 application will be granted or that the SEC will review and ultimately accelerate the registration, we are optimistic that 2019 should be the year an ETCO is launched bitcoin.
In February, the Commission will decide on the latest ETF deposit of the BTC from 2018. Having exhausted all the postponements permitted by law, the SEC must deliver a the final approval or rejection of the VanEck / SolidX proposal.
You think the result of Bitwise will be different this time? Let us know your thoughts in the comments below.
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