June 19, 2024

US Securities and Exchange Commission rejects Bitwise ETF offer from Bitwise

US Securities and Exchange Commission rejects Bitwise ETF offer from Bitwise

The US Securities and Exchange Commission (SEC) rejected the offer to register ETFs on Bitcoin.

In a statement dated 9October The Commission said that filing applications for ETFsfrom Bitwise Asset Management and NYSE Arca does not meet the necessary requirements. In particular, the regulator notes possible market manipulation and illegal activities.

Note that the SEC's decision does not coincide with recentwith comments from Matt Hougan, Managing Director and Global Director of Research at Bitwise. Hougan was optimistic about the firm's chances of getting approval for a physical Bitcoin ETF. He noted the significant growth that has occurred in the crypto space in recent years, stating:

Two years ago there was no Bitcoin on the marketregulated, insured custodians. Today … there are big names like Fidelity and CoinBase with hundreds of millions of dollars from firms like Lloyd's of London.

In August, the regulator postponed its decision onoffer – along with two other crypto ETF filings – until October 13. Bitwise originally filed for a rule change under US securities laws in January.