min to read

2019-09-23 17:05:27




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Opinion: Bitwise’s chance on bitcoin etf approval by SEC does not exceed 0.01%

SEC vs ETF

min to read

2019-09-23 17:05:27

The Bitcoin Asset Management application for the launch of Bitcoin ETFs is extremely unlikely to be approved by the US Securities and Exchange Commission (SEC) and does not exceed 0.01%

The Bitcoin Asset Management application for the launch of Bitcoin ETFs is extremely unlikely to be approved by the US Securities and Exchange Commission (SEC) and does not exceed 0.01%, according to American lawyer Jake Chervinsky, who specializes in cryptocurrencies.

 

According to him, VanEck and SolidX withdrew the application to launch a bitcoin-based exchange-traded fund so that the SEC would not have time to refuse them officially. The relevant executive order of the regulator would set a precedent that complicates the approval of bitcoin-ETF in future.

 

 

Bitwise Asset Management has chosen the opposite tactics, Chervinsky assumes. Probably, the company is seeking an official refusal by the SEC, which will fix all the regulator’s concerns regarding the market. This will make it possible to dispel them in future.

 

“The precedent also has its advantages. Either way, I'd put the chance of approval at 0.01%”, wrote Chervinsky.

 

Earlier, Bitwise made an attempt to convince the SEC of the market's readiness to launch bitcoin-based exchange products, pointing to the regulator on three signs of this. However, SEC Chairman Jay Clayton, while acknowledging partial progress regarding Bitcoin ETFs, has recently said that the cryptocurrency space needs more regulation.

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