10/10/19 03:19 UTC-5

US doesn’t support Bitwise in launching Bitcoin Fund (ETF)

CryptocurrencyThe US regulator does not approve of the Bitcoin Fund (ETF) by Bitwise
The US regulator does not approve of the Bitcoin Fund (ETF) by Bitwise

SEC, the US exchanges and securities regulator, has prohibited Bitcoin-related ETFs from being placed in the market. Bitwise Asset Management, along with NYSE Arca, has been rejected due to failure to comply with regulatory requirements. 

SEC Rejection

The Exchange Commission has stated that failure to comply with legal regulations can lead to fraudulent practices and trade manipulations. To avoid such consequences, the SEC has rejected the launch of ETF tradingTrading
– is an economic term that means the process of independent trade, independent analysis of the market and the conclusion of trade transactions.Details
in the market. According to the document, the main claims concern NYSE Arca, not Bitwise.

The chief executive of Bitwise Matt Hougan said earlier that the ETF is opening up convenient and secure access for investors in the digital currency market, creating a controlled Bitcoin product for retail buyers. Bitwise also informed the Commission through a list of trading activity reports that problems related to illegal activities could be addressed. The company first filed an application with the SEC in January 2019.

The US regulator has rejected almost all ETF offers, leaving only one from Wilshire Phoenix and NYSE Arca. It is worth noting that the rejection of Bitwise did not affect the Bitcoin exchange rate: it increased by 4.8% in the last 12 hours.

  • After cryptocurrencies became part of high-profile discussions among financial regulators, a new item emerged in the legislation of many countries: cryptocurrency taxes

See also: "Purchase of Bitcoin will be available through WeChat and Alipay payment systems in China"

#ETF #Bitcoin #SEC #USA #Bitwise #NYSEArca

Editor: Alyona Deryabina


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