US SEC now reviewing rejection of Bitcoin (BTC) ETF filing from Bitwise Asset Management and NYSE Arca.
|- A prior decision to reject the Bitcoin (BTC) exchange-traded fund (ETF) is being reviewed again by the SEC.
- The commission is taking a look at the filing from Bitwise Asset Management and NYSE Arca.
The United States Securities and Exchange Commission (SEC) is taking a look at its previous decision to reject the Bitcoin (BTC) exchange-traded fund (ETF) filing from Bitwise Asset Management and NYSE Arca.
The regulatory commission noted that the ETF filing from Bitwise Asset Management and NYSE Arca will return to review stage, coming after the earlier rejection for not complying with the necessary requirements.
Back in October regulators had detailed that the applicants did not meet the necessary requirements regarding possible market manipulation and illicit activities. The SEC wrote at the time:
The Commission is disapproving this proposed rule change because, as discussed below, NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices.
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