SEC’s Decision On Bitwise, VanEck BTC ETF Proposals Postponed

| Publish date: 03/31/2019
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Postpone Judgment By SEC

The firm in question is none other than Bitwise, which is a crypto startup based in San Francisco. It is the company that proposes the approval for a BTC ETF.

Basically, Bitwise Asset Management reportedly filed a registration of a BTC ETF earlier this year. This was possible through the help of NYSE Arca, which is an International Exchange (ICE)-owned company. This came to surface just right after SEC decided to make it known, suggesting that a review, at that time, was being implemented for the application solely.

As far as the SEC rules concerned, the agency has at least 45 days to reveal its approval, extension, or even rejection of a proposal. But with the fact that the U.S. financial watchdog went for an extension, the approval or rejection is now set to Mid-May when it was supposed to be given on April 1.

Power to Postpone

It is worth noting that the regulator has the power to go for a postpone judgment once again. This is most especially the case since it has a maximum of 240 days from the very first time the application from Bitwise was filed. From there, it is expected to make a final decision on the BTC exchange-traded fund application.

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If the ETF proposal from Bitwise is approved, it is expected to see NYSE Arca. The latter, in particular, is aimed at trading stocks and/or options instead of the typical large-cap ones. And if the approval is put forward, the ICE-owned firm will automatically list Bitcoin ETF. Bitwise Index Services, on the other hand, is expected to produce and manage the latter.

Unique BTC ETF

Bitwise is confident that its application will eventually get approval, especially since it is unique when compared to what is being submitted by firms looking for the same kind of thing. The firm also suggested that is ETF version is all about safeguarding holdings in a cold storage solution through the use of a third-party custodian. And to draw its index, the company is going to utilize data coming from a number of top-ranking digital currency exchanges.

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