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US SEC reviews rejected proposal for Bitcoin ETF listing

By Yana Berman

SEC decision restores hopes of crypto breakthrough

An announcement by the United States Securities and Exchange Commission (SEC) says it will review a Bitcoin exchange-traded fund (ETF) proposal from crypto index fund Bitwise Asset Management that it previously rejected.

The proposal, filed by Bitwise and electronic securities exchange NYSE Arca in January 2019, was rejected in October. The SEC said that the application failed to meet strict guidelines on preventing market manipulation and other fraudulent activities.

However, now the commission states that the filing will be reviewed. Anyone who wants to support or oppose the matter should do that by December 18.

The crypto community has been waiting for crypto ETF approval for quite a while. The SEC is worried about possible market manipulations related to the funds and has previously rejected several ETF filings by different companies, such as the one filed by crypto entrepreneurs, the Winklevoss twins.

Meanwhile, two similar applications have been filed by VanEck/SolidX and Wilshire Phoenix/NYSE Arca. VanEck and SolidX withdrew their paper amid regulatory uncertainty and the decision on Wilshire Phoenix’s proposal is still unknown.

FURTHER READING: US watchdog rejects latest proposal for Bitcoin ETF listing

FURTHER READING: What’s the difference between a share/stock and an exchange traded fund?

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