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Bitwise submits revised Bitcoin ETF to SEC

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Spot Bitcoin ETFs to draw $14.4 billion in first year, predicts Galaxy DigitalSpot Bitcoin ETFs to draw $14.4 billion in first year, predicts Galaxy Digital

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In this post:

  • Bitwise has resubmitted a revised proposal for a Bitcoin ETF to the SEC, incorporating feedback to enhance compliance and address regulatory concerns.
  • The new proposal was highlighted by analyst James Seyffart, noting Bitwise’s strategic amendments akin to moves by other ETF contenders.
  • The SEC rejected the firm’s previous ETF application in partnership with NYSE Arca.

Bitwise marches forward with its revised Bitcoin ETF proposal to secure approval from the U.S. Securities and Exchange Commission (SEC). This move follows extensive feedback from the regulatory body, highlighting the firm’s adaptive strategies in the competitive ETF landscape.

Analyst James Seyffart brought this development to light through recent social media activity. He observed that Bitwise’s amendments directly address the SEC’s concerns, a smart maneuver seen with other ETF aspirants. Significantly, the proposal introduced the ticker $BITB, reserved for Bitwise’s potential product on the trading floor.

Back in 2019, the SEC rejected Bitwise Asset Management’s initial ETF application, submitted in collaboration with NYSE Arca. Market manipulation and illegal activities fears drove the decision, underscoring the SEC’s protective stance towards investors. However, Bitwise, unperturbed, has remained steadfast in its vision for a spot Bitcoin ETF.

Matt Hougan, Bitwise’s Chief Investment Officer, expresses confidence in the future acceptance of a spot Bitcoin ETF, mirroring an industry-wide sentiment. This optimism, grounded in progressive dialogues with the SEC, signifies a crucial shift in the pursuit of compliant crypto investment vehicles.

Bitwise’s relentless pursuit of a Bitcoin ETF demonstrates the firm’s dedication to innovation and regulatory compliance. Moreover, it reflects the larger movement of integrating cryptocurrencies into mainstream finance, respecting the caution necessitated by authorities. This balancing act between innovation and regulation remains a cornerstone of trustworthy financial advancements in the crypto arena.

The crypto community awaits the SEC’s decision, anticipating the potential waves a favorable outcome would make. Approval could serve as a landmark victory for Bitwise and the cryptocurrency market’s credibility on Wall Street.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decision.

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