Share this article
SEC Asks Bitwise to Address Concerns About Proposed Spot Bitcoin ETF
The regulator’s concerns include possible share manipulation and liquidity.
Updated May 11, 2023, 4:05 p.m. Published Feb 2, 2022, 12:43 a.m. 1 min read
The U.S. Securities and Exchange Commission has asked Bitwise to clarify how the investment firm will prevent share manipulation, fraud and other potential issues in its proposed spot bitcoin exchange-traded fund (ETF), according to a notice to the company on Tuesday.
- The agency also flagged its concerns about the Bitwise Bitcoin ETP Trust's liquidity and transparency and requested more color on the “suitability” of bitcoin as the underlying asset for the fund.
- The SEC’s request veered from its serial denials to date of other proposed spot bitcoin exchange-traded products (ETP).
- Over the past two months, the agency has rejected spot bitcoin ETF applications from WisdomTree, Krypton, SkyBridge and Fidelity. It is weighing a number of other applications from investment firms.
- In December the SEC delayed a decision on the spot bitcoin applications of Bitwise and Grayscale, a unit of Digital Currency Group, which is also the parent company of CoinDesk.
- Bitwise will have 21 days to respond to the SEC’s concerns.
Read more: SEC Delays Decision on Grayscale and Bitwise Spot Bitcoin ETFs
Mehr für Sie
Established crypto firms will merge with traditional finance, but neither Wall Street bankers nor corporate giants will take over the crypto industry, said Binance’s Head of VIP and Institutional, Catherine Chen.
Was Sie wissen sollten:
- Binance is doubling down on growth during a crypto downturn, aiming to expand its verified active user base from about 310 million to 3 billion by 2030.
- The exchange is targeting a more than $2 billion gap between traditional finance and crypto infrastructure spending with a new OMS toolkit and...
Top Stories
