Express
Bitwise's Application For Rule Change Denied
Summary: Despite the positive thinking from Bitwise’s managing director and global head of research Matt Hougan, the security and Exchange Commission has rejected the proposal to list Bitcoin ETF. The SEC stated in an announcement that the ETF filing from Bitwise did not meet requirements regarding possible market manipulation and illicit activities. "Rather, the Commission is ...
Despite the positive thinking from Bitwise’s managing director and global head of research Matt Hougan, the security and Exchange Commission has rejected the proposal to list Bitcoin ETF.
The SEC stated in an announcement that the ETF filing from Bitwise did not meet requirements regarding possible market manipulation and illicit activities.
"Rather, 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 Section 6(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.””
Hougan and Bitwise had been optimistic about the opportunity that their application for a rule change from back in January would finally be passed, but unfortunately for them they were met with rejection.
By Ramsey Baker
Tags: Bitcoin ETF,Bitwise,Cryptocurrency,SEC
Link: Bitwise's Application For Rule Change Denied [Copy]
