Bitwise Asset Management has submitted a new filing on June 16 for a proposed rule change to accommodate its planned Bitcoin spot ETF. The U.S. Securities and Exchange Commission (SEC) had previously rejected a Bitcoin spot ETF application from Bitwise in June 2022, citing inadequate surveillance-sharing, protection against market manipulation, and a lack of significant market size.
Bitwise’s Attempt to Meet SEC Criteria
Bitwise’s latest filing attempts to address the SEC’s concerns by showing that the proposed ETF meets the required criteria. In the new filing, Bitwise has requested the SEC to approve, reject, or start other proceedings around its proposed rule change within 45 to 90 days. Although the application was published by the New York Stock Exchange (NYSE), it has not been processed by the SEC, making the actual deadline unclear.
BlackRock’s ETF Application
BlackRock, another asset management giant, had also filed for a Bitcoin spot ETF approval on June 15. This application has generated optimism as the SEC has rarely rejected BlackRock’s ETF applications. However, some experts suggest that the application is unlikely to succeed.
SEC’s History with Bitcoin Spot ETFs
The SEC has not yet approved a Bitcoin spot ETF and has rejected numerous other applicants within the cryptocurrency and financial industry. Bitwise CEO Matthew Hougan acknowledged this situation in March, stating that there is currently no path forward for companies that want to offer such a fund. Despite this, Hougan believes that the U.S. will eventually approve a spot Bitcoin ETF.
In summary, Bitwise Asset Management has submitted a new filing for its proposed Bitcoin spot ETF, attempting to address the concerns raised by the SEC in its previous rejection. The deadline for the SEC’s decision is unclear, but Bitwise has requested a decision within 45 to 90 days. BlackRock has also filed for a Bitcoin spot ETF approval, but its success remains uncertain. The SEC has a history of rejecting Bitcoin spot ETF applications, making the approval process challenging for companies in the cryptocurrency and financial industry.