SEC Wants a Second Look at Bitwise's Bitcoin ETF Proposal | Shelter Crypto | Shelter Humanity | Charity Token Homeless | Charity Coin
The U.S. Securities and Exchange Commission has been reviewing an order that it issued last week in relation to a proposal for a Bitcoin exchange-traded fund. The Bitwise Bitcoin ETF Trust submitted the proposal to NYSE Arca. The SEC is also studying a rule change proposal for a new type of bitcoin ETF.
ETF Order Remains
Intercontinental Exchange (ICE), parent company of NYSE, received a letter dated October 15 from the SEC concerning its recent order to disapprove NYSE Arca's proposal for trading shares in the Bitwise Bitcoin ETF Trust. On Oct. 9, the proposal was denied. The letter states that the Commission would review the delegated actions in accordance with Rule 431 of its Rules of Practice (17 CFR 201.431).
The order of October 9, 2019, is stayed in accordance to Rule 431(e) until the Commission makes an exception.
SEC Wants a Second Look at Bitwise's Bitcoin ETF Proposal
The letter states that "The Office of Secretary will notify" you of any pertinent actions taken by Commission.
ICE had been in discussions with Bitwise about their proposal for a bitcoin ETF before the Oct. 9 rejection. The Commission stated that its decision to disapprove "doesn't rest on an assessment of whether bitcoin, and blockchain technology more generally has utility or worth as an innovation or investment." This is not the first time such an action has been taken by the SEC. In August 2017, the Commission made three similar orders regarding nine bitcoin ETFs.
T-Bill's Bitcoin ETF in Running
The SEC will review the Bitwise Bitcoin ETF Trust Trust proposal and is also evaluating another proposed rule amendment filed by NYSE Arca. The exchange seeks to trade shares of US Bitcoin and Treasury Investment Trust.
SEC Wants a Second Look at Bitwise's Bitcoin ETF Proposal
The proposal was filed first with the agency on June 12, and published in Federal Register on July 1, Amendment No. On Oct. 4, the exchange filed Amendment No. According to the agency, nine comments had been received on the proposal as of Oct. 10.
The amendment says that the trust will only have bitcoin and U.S. Treasury securities of a shorter maturity ('TBills ').") Further, the trust can hold U.S. Dollars for short periods of times in connection to the maturity of the Tbills, the purchase and sale of the underlying assets and redemptions, if any.
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Public Last updated: 2021-08-06 07:02:30 PM
