Bitwise Spot Bitcoin ETF Acknowledged by US SEC

In a exceptional improvement for the crypto ecosystem, the United States Securities and Exchange Commission (SEC) has acknowledged Bitwise’s software for a spot Bitcoin Exchange Traded Fund (ETF) product.

JUST IN – The SEC formally acknowledges Bitwise’s spot #Bitcoin ETF software ???? pic.twitter.com/XXWOybjYxb

— Bitcoin Magazine (@BitcoinMagazine) July 13, 2023

Significance of SEC’s Acknowledgement

The SEC’s acknowledgment of the Bitwise spot Bitcoin ETF software is essential for the cryptocurrency trade as a result of it strikes the potential of a regulated Bitcoin ETF nearer to actuality.

Over the previous few years, a number of Bitcoin ETF proposals have been submitted to the markets regulator, however they’ve confronted repeated rejections as a result of considerations about market manipulation and custody of the underlying belongings. The present recognition implies that the regulator considers the Bitwise spot Bitcoin ETF software to be sufficiently full and worthy of additional consideration. However, you will need to notice that the SEC has not but permitted the ETF. 

The regulator will now provoke a proper assessment course of, which features a thorough examination of the proposal and a possibility for public remark. If the Bitwise spot Bitcoin ETF is permitted, it can give particular person buyers a extra accessible and safe different to spend money on Bitcoin. 

Currently, people who need publicity to Bitcoin should navigate the advanced world of crypto exchanges or go for different funding autos reminiscent of Bitcoin Trusts or futures contracts.

Bitwise Renewed Commitment for Bitcoin ETF

Bitwise re-filed its software for spot Bitcoin ETF in June following a number of functions fueled by famend asset supervisor BlackRock. This submitting signifies Bitwise’s dedication to pursuing the ETF approval course of and signifies its ongoing efforts to fulfill regulatory necessities.

At the time of its initial filing, Bitwise’s Chief Investment Officer, Matthew Hougan highlighted that the SEC’s rejection of earlier Bitcoin ETF functions by the SEC was accompanied by detailed memos outlining the regulator’s considerations concerning the Bitcoin ecosystem. 

These considerations have primarily revolved round points reminiscent of market manipulation, custody of underlying belongings, investor safety, and general market integrity. 

However, Bitwise expressed confidence within the SEC’s potential to approve its software primarily based on the truth that the Chicago Mercantile Exchange (CME) now meets the SEC’s necessities and offers a clear and controlled platform for Bitcoin futures buying and selling.

Benjamin Godfrey is a blockchain fanatic and journalists who relish writing about the actual life functions of blockchain expertise and improvements to drive basic acceptance and worldwide integration of the rising expertise. His needs to coach individuals about cryptocurrencies conjures up his contributions to famend blockchain primarily based media and websites. Benjamin Godfrey is a lover of sports activities and agriculture. Follow him on Twitter, Linkedin

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