{"id":1222,"date":"2019-10-12T11:11:20","date_gmt":"2019-10-12T11:11:20","guid":{"rendered":"https:\/\/bitcoin.ng\/?p=1222"},"modified":"2019-10-12T11:11:22","modified_gmt":"2019-10-12T11:11:22","slug":"us-sec-rejects-bitwise-bitcoin-etf-application","status":"publish","type":"post","link":"https:\/\/bitcoin.ng\/us-sec-rejects-bitwise-bitcoin-etf-application\/","title":{"rendered":"US SEC Rejects Bitwise Bitcoin ETF Application"},"content":{"rendered":"\n<p>The <strong><a href=\"https:\/\/en.wikipedia.org\/wiki\/U.S._Securities_and_Exchange_Commission\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"United States Securities and Exchange Commission (SEC (opens in a new tab)\">United States Securities and Exchange Commission (SEC<\/a>)<\/strong> has rejected to list the Bitwise Bitcoin (BTC) exchange-traded fund (ETF).<\/p>\n\n\n\n<p>In an official <a href=\"https:\/\/www.sec.gov\/rules\/sro\/nysearca\/2019\/34-87267.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\"publication (opens in a new tab)\">publication<\/a> by the commission, it states that the ETF flied by Bitwise and NYSE Arca do not meet the necessary requirements for listing. SEC says the ETF does not sufficiently address requirements regarding possible market manipulation and illicit activities.<\/p>\n\n\n\n<p>It reads: <\/p>\n\n\n\n<p>\u201c<em>&#8230;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\u2019s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section 6(b)(5), and in particular, the requirement that the rules of national securities exchange be designed to prevent fraudulent and manipulative acts and practices.\u201d<\/em><\/p>\n\n\n\n<p>This latest disapproval follows series of\npostponements and request for comments on other Bitcoin ETFs by various\ncompanies. <\/p>\n\n\n\n<p>In its response, Bitwise Asset Management and NYSE\nArca have confirmed they will re-file their BTC ETF applications. An official statement\nreads:<\/p>\n\n\n\n<p><em>\u201cWe deeply appreciate the SEC\u2019s careful review. The detailed feedback they have provided in the Order provides critical context and a clear pathway for ETF applicants to continue moving forward on efforts to list a Bitcoin ETF&#8230;We look forward to continuing to productively engage with the SEC to resolve their remaining concerns, and intend to re-file as soon as appropriate.\u201d<\/em><\/p>\n\n\n\n<p>This latest rejection had no clear effects on the\nmarket as prices have remained stable.<\/p>\n\n\n\n<p>At this time, the SEC has only one Bitcoin ETF on\nits desk, filed by Wilshire Phoenix and NYSE Arca.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The United States Securities and Exchange Commission (SEC) has rejected to list the Bitwise Bitcoin (BTC) exchange-traded fund (ETF). In an official publication by the commission, it states that the ETF flied by Bitwise and NYSE Arca do not meet the necessary requirements for listing. SEC says the ETF does not sufficiently address requirements regarding [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1223,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17,4,10,12],"tags":[305,306,307],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>US SEC Rejects Bitwise Bitcoin ETF Application - Bitcoin Nigeria - Trusted Bitcoin Resources and Information.<\/title>\n<meta name=\"description\" content=\"The United States Securities and Exchange Commission (SEC) has rejected Bitwise and NYSE Arca application for a Bitcoin ETF. 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