SEC said no ETF but yet did not kill it

SEC rejected a proposed rule change to list a Bitcoin exchange-traded fund (ETF) and stated that the ETF filing from Bitwise Asset Management and NYSE Arca did not meet the necessary requirements.

 In their PR, Bitwise seems not giving up and will be re-filling again as stated by Matt Hougan, Global Head of Research, Bitwise Asset Management:

Earlier today, the SEC issued a 112-page order disapproving NYSE Arca’s proposed rule change to list and trade shares of the Bitwise Bitcoin ETF Trust. We deeply appreciate the SEC’s careful review. The detailed feedback they have provided in the Order provides critical context and a clear pathway for ETF applicants to continue moving forward on efforts to list a bitcoin ETF. We look forward to continuing to productively engage with the SEC to resolve their remaining concerns, and intend to re-file as soon as appropriate.”

 Going through the 112-page order, and taking into consideration the time from the filling (Jan 2019) until October 10, it feels like SEC did not want to kill the idea and kept the door open for more discussion.

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