US SEC Delays Decision on Bitwise Bitcoin ETF

Here we go now, the US Securities and Exchange Commission (SEC) delays the decision over yet another Bitcoin (BTC) exchange-traded fund (ETF), this time around the Cryptocurrency index fund provider Bitwise Asset Management’s Bitcoin (BTC) exchange-traded fund (ETF) is facing a delay. On 14th May a filing published revealed by the SEC. The SEC elaborates in the filling about the delay and requested for a public comment from interested parties.

 The Commission thus asks interested persons to “provide written submissions of their views, data, and arguments with respect to the issues identified above, as well as any other concerns they may have with the proposal.”
The filing notes that unreliable Crypto trading volumes fuel an inefficient view of the marketplace.

 “Having a regulated bank or trust company hold physical assets of a fund has been the standard under U.S. fund regulation for the last 80 years, and we believe that is now possible with Bitcoin.”

This marks yet another delay by the SEC which has yet to approve any Bitcoin ETFs. Initially submitted in January of 2019, the Bitwise ETF would have become, if approved, the first regulated crypto ETF by the SEC. As per today’s filing, the public comment period will last three weeks after the most recent amendments to the Bitwise ETF application are published in the Federal Register, followed by two weeks for responses.

The year before, SEC commissioner Hester Peirce who is also dubbed as “Crypto Mom” by the community for her dissent with the SEC’s decision to reject a Bitcoin ETF proposed by Cameron and Tyler Winklevoss, said that a Cryptocurrency or Bitcoin ETF is “definitely possible,” but it could be years away.