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SEC Again Delays Decision On Bitwise Bitcoin ETF Application


The United States Securities and Exchange Commission has again delayed taking a decision on bitcoin exchange-traded fund or ETF application by Bitwise Asset Management.

The regulator requested public comments to determine whether to approve or disapprove the proposed rule change related to the listing and trading of shares of the bitcoin ETF, as modified by amendment on May 7. The SEC asked interested persons to provide written submissions of their views, data, and arguments.

Bitwise first filed the ETF proposal with NYSE Arca on January 28. The SEC, which published the filing for comment in the Federal Register on February 15, needed to take a decision in 45 days.

But, in late March the Commission designated a longer period for taking action on the proposed rule change. It had designated May 16 as the date to take a decision.

The SEC now noted that on May 7, the Exchange filed amendment to the proposed rule change, which replaced and superseded the proposed rule change as originally filed.

As of May 14, the Commission has received 25 comment letters on the proposal.

The SEC, which has received many applications for bitcoin ETF, has been rejecting them over concerns about fraud and manipulation of bitcoin markets.

In late March, the SEC had delayed a decision on bitcoin ETF application by VanEck SolidX Bitcoin Trust/CBOE.

Last year, the regulator had rejected a second attempt by crypto exchange Gemini, run by Tyler and Cameron Winklevoss, to list a bitcoin ETF.

Recently, Ric Edelman, founder of Edelman Financial Engines said that Bitcoin ETF is virtually certain, and also expressed confidence that in very short order VanEck or Bitwise, who already filed with the SEC for bitcoin ETF, will satisfy the custody concern to the SEC.

Winklevoss brothers, who are believed to hold a large amount of bitcoin, also said earlier that they are committed as ever to make a bitcoin ETF a reality.

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