SEC asks Bitwise for guarantees on possible risks present in its application for a Bitcoin ETF – DiarioBitcoin

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SEC asks Bitwise for guarantees on possible risks present in its application for a Bitcoin ETF - DiarioBitcoin For Angel Di Matteo @shadowargel

Instead of rejecting the proposal, the SEQ He invited bitwise to clarify certain doubts regarding your request for a bitcoin etfs, asking you to explain how to address concerns about possible market manipulation or listing fraud.

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The US Securities and Exchange Commission (SEC)the main regulator of asset trading on the stock markets, asked the company bitwise indicating how you will prevent your proposal for a Bitcoin ETFs is affected by those aspects that concern the state agency.

SEQ concerned about the request Bitwise Bitcoin ETF

This was reported by the SEQ in a statement published yesterday, in which he requests bitwise to report on the plans it has to prevent aspects such as market manipulation, fraud or strong volatility from being detrimental to potential customers interested in this type of financial product.

Historically the SEQ has shown concern about the aforementioned aspects, the main reason why at the date of publication it has not yet accepted the first ETFs completely based on BTC in the US market, although in October 2021 it did open the space for exchange-traded funds associated with futures Bitcoin could be marketed.

However, beyond the aforementioned concerns, the SEQ He also mentioned the concerns he has about the liquidity and transparency of the Bitwise Bitcoin ETP Trustfor which it requested more information and data on the digital currency as the underlying asset for said fund.

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As such, bitwise You will have 21 days to present the respective documents in which you respond to the concerns of the SEC. If this does not happen, the regulatory body will most likely end up rejecting the request.

Bad streak for Bitcoin ETFs

Despite the fact that on this occasion the SEC chose to request information from bitwise on your proposal, unfortunately other entities have not succeeded in this matter and have seen their requests for the creation of ETFs based in Bitcoin.

Such is the case of entities such as WisdomTree, VanEck, Krypton, and recently both sky bridge What fidelity, which unfortunately have run into bad luck. In all these requests, the SEQ it argued that there are not sufficient guarantees to address the regulator’s concerns.

Applications such as those of Galaxy Digital and Ark Invest, although analysts are not at all optimistic about the possible results.


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Fountain: CoinDesk, SEQ

Angel Di Matteo version / DailyBitcoin

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WARNING: This is an informative article. DiarioBitcoin is a means of communication, it does not promote, endorse or recommend any investment in particular. It is worth noting that investments in crypto assets are not regulated in some countries. May not be suitable for retail investors as the full amount invested could be lost. Check the laws of your country before investing.

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