SEC has 45 days to make its first decision on BitWise ETF

15 Feb, 2019 | Updated: 15 Feb, 2019
by David Robb
Regulation
SEC has 45 days to make its first decision on BitWise ETF

The ETF proposal filed by Bitwise along with NYSE Arca, filed on February 11, has now been published in the Federal Register (as reported by CoinDesk). This gives the Securities and Exchanges Commission (SEC) 45 days to make its preliminary decision.

Many in the crypto community are eagerly anticipating approval of an Bitcoin exchange-traded fund by the SEC, in order to bring more institutional investment into the crypto space and kickstart the next bull run.

This Bitwise ETF would track the Bitwise Bitcoin Total Return Index, and would be listed on NYSE Arca. The SEC has 240 days in total to approve the proposal, with an initial decision being made after 45 days.

Although Bitwise has claimed that the SEC has "asked thoughtful and relevant questions", suggesting that the commission is approaching the proposal with an open mind, pro-crypto SEC member Hester Peirce has recently claimed that approval of an ETF is unlikely in 2019. The commissioner, referred to by some as 'Crypto Mom', believes that current rules are too "arcane" to make a proper decision. 

Read more: Crypto Mom says SEC's "arcane rules" likely mean no Bitcoin ETF in 2019Why hasn't the SEC approved a Bitcoin ETF yet?

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