All is not lost: SEC Receives New Application To Launch Bitcoin ETF

Bitwise Asset Management and NYSE Arca sent SEC Joint Application to Launch Exchange Traded Fund Pegged to Bitcoin.

Managers have previously announced their plans and are said to have completed a form. However, due to the closure of the US government, the Securities and Exchange Commission still has not properly registered it, so the application is still not published on the website. regulator.

The Bitcoin ETF proposed by Bitwise and NYSE Arca differs from all previous options, as the cryptocurrency will be held by a third-party regulated custodian. It is also reported that to determine the value of assets will be taken into account data on the rate from a variety of exchanges, including spot and futures markets. In this case, for each source, its own coefficient of significance will be calculated, depending on the volume of trades for the base hour, that is, the larger the trading floor, the more influence it has on the formation of the price of the instrument..

According to the developers, such a model will protect investors from fraud and manipulation in certain markets..

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All is not lost: SEC Receives New Application To Launch Bitcoin ETF

Although the application for Bitcoin ETF has already been submitted to the SEC, but since it has not yet been registered, the countdown the scheduled period for consideration and announcement of the result has not yet begun. The timer will only start after the publication of the document in the Federal Register, but most likely, this will happen only after the government is restored to work..

Recall that earlier the CBOE application for the launch of a Bitcoin ETF was considered the last one considered by the regulator., and after its withdrawal, the market lost hope for approval new instrument in 2019. However, the proposal Bitwise Asset Management and NYSE Arca are well positioned to change that.

text: Ivan Malichenko, photo: bna, i1.wp

All is not lost: SEC Receives New Application To Launch Bitcoin ETF

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