The Bitwise Bitcoin ETF gets a second Chance by the US to be American securities and exchange Commission waved through. What has moved the authority to the change of mind, is still unclear. The authority now collects up to 18. December for more opinions on the Causa Bitwise Bitcoin ETF. A final decision is expected until 2020.
By Christopher clover
20. November 2019 BTC $ 7,629.93 -5.72% part Facebook Twitter LinkedIn xing mail
at the beginning of October has granted the U.S. securities supervision, the Bitcoin ETF application of the IT company Bitwise and of the stock exchange NYSE Arca, a provisional removal. Now, the Security Exchange Commission (SEC) would like to draw your decision of a re-examination.
That from a corresponding communication from the SEC of 18. November show. This suggests that NYSE Arca is traded on the New York stock exchange, where the Bitwise Bitcoin ETF in the end – already in the run-up to a letter on the Review of the decision was informed.
With this Letter we would like to inform you that, pursuant to article 431 of the rules of procedure of the Commission 17 CFR 201.431, the Commission will review the measure ordered. In Accordance with rule 431(e) is the arrangement of 9. October 2019 to be suspended until the Commission orders otherwise. The office of the Secretary will inform you of all appropriate action by the Commission,
it is stated in the said Letter, the on the 15. Is dated October.
Bitwise Bitcoin ETF: Background of the rejection of
At 9. October had decided the SEC is still against the approval of the Bitwise Bitcoin ETF. Here, the authority relied on the threat of market manipulation in Bitcoin. Thus, the SEC rejected the arguments of Bitwise. After this the Bitcoin have unique qualities that lift him from other trade goods, and “inherently resistant to manipulation” made.
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After that, Bitcoin mainly because of its fungibility, its portability, and its “exchange-like trading capability is” a special type of Asset. The Concerns of the SEC that the Bitcoin market is still susceptible to Manipulation, was not able to dispel Bitwise.
[…] the Commission comes to the conclusion that the concessions made by the sponsor, [Bitwise] that 95 percent of the reported Bitcoin-trading “fake” or non-economic (including Wash Trading, or simply fabricated trade), […] not lead to the realization that the properties of Bitcoin make it tamper-proof.
This would reaffirm a look to past cases of market manipulation on a Grand scale.
Also the asseveration that Bitwise to the price determination process for the Bitcoin ETF will use a market segment that “in contrast to 95 percent of the Bitcoin Spot market” completely free of Wash Trading and the like was, not was able to convince the SEC:
The Sponsor claims that 95 percent of the Bitcoin Spot market from counterfeit and non-economic activities [133], has not been demonstrated but, the “real” Bitcoin market of this Scam is isolated and manipulative activity,
it is said in the explanatory Memorandum to the rejection of the Bitwise ETF. The rejection of the application is also up to the Revision is valid.
SEC brings further Feedback
What moved the SEC to your change of mind, is, however, unclear. A statement of the reasons for their decision to take the Bitcoin ETF of Bitwise again to the chest, does not provide the authority in its communication. It is presumed that the SEC Commissioner Hester M. Peirce employs a outspoken Bitcoin supporter. A fact that has earned it on the part of the crypto Community the nickname of “Crypto Mom”. Up to the age of 18. December can submit people and institutions in their arguments for or against the Bitwise Bitcoin ETF. For revisions of the SEC-arrangements, there is no Deadline, and a final judgment of the authority is not to be expected for the current year is therefore good.
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