The SEC rejects the last ETF on its table for 2019
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Answer The SEC rejects the last ETF on its table for 2019
Bitwise was the last entity standing in the Bitcoin ETF race of the year after rival VanEck withdrew its proposal last September that he had also intended to introduce in the form of an SEC.
The US Securities and Exchange Commission (SEC) has rejected the latest attempt to create a bitcoin trading fund (ETF) of the year.
The Securities and Exchange Commission (SEC) announced Wednesday, October 9, that the Bitcoin ETF proposal submitted by asset manager Bitwise and in conjunction with NYSE Arca did not meet the legal requirements to prevent market manipulation or other illicit activities.
The SEC put the burden on NYSE Arca, rather than Bitwise’s own suggestion.
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The authority justifies its refusal for fear of Bitcoin ETF’s proposals that it could manipulate the market and carry out fraudulent activities.
As a quotation from the Authority’s decision, the following:
The Commission does not agree to change the rule because, as discussed below, NYSE Arca has not, under the Exchange Act and the Commission’s Rules of Practice, failed to demonstrate that its proposal is consistent with the requirements of the Exchange Act Section 6(b)(5), and specifically, the requirement of ” Designing the rules of the National Stock Exchange to prevent fraudulent practices and manipulation.”
For your information, Bitwise first submitted the ETF offer to the NYSE Arca exchange in January 2019.
Ushering in the latest push to provide retail customers with a regulated bitcoin product.
The company has sought to be the first company to launch an ETF in the US along with competitor VanEck which made a similar proposal in January with SolidX and Cboe BZX.
But the SEC has met with all of them with rejection, including the latest ETF proposal from Bitwise, ending the hopes of the companies submitting ETF proposals for this year at least.
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Matt Hogan, Head of Development Office at Bitwise, stated that they are closer than ever to being the first to launch a Bitcoin ETF.
He indicated his intention to do so again at a future time.
While Jake Chervinsky, who works as a lawyer in the field of cryptocurrency, believes that as long as Jay Clayton is at the head of the SEC, there will be no Bitcoin ETF until his departure in 2021.
At this point, it is reasonable to assume that Jay Clayton’s Securities and Exchange Commission will never approve a Bitcoin ETF.
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His term expires on June 5, 2021, but it may last another 18 months.
We usually see new ETF proposals put forward immediately after they are rejected, but it may be time to take a year off.
– Jake Chervinsky (@jchervinsky) October 10, 2019
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