- The SEC starts accepting statements from the public in regard to the review of Bitwise rejected BTC ETF.
- The earlier commission’s decision to reject the ETF product will remain in effect pending review.
In an announcement made on November 18, the United States Securities and Exchange Commission (SEC) said that it will have another review for the recently rejected Bitwise Asset Management’s Bitcoin exchange-traded fund proposal. The regulator intends to review its decision that led to the rejection of the potential asset class.
In October, the rejection document said:
"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.”
Ahead of the review, the commission is opening the door for statements from the public whether in support or opposition of the ETF proposal. The statements will be accepted until December 18. In spite of the review, the decision to reject the Bitwise proposal remains in effect pending review.
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