CoinDesk Analysis Team
CoinDesk
The SEC’s concerns include possible share manipulation and liquidity.
The SEC has asked Bitwise to clarify how the investment firm will prevent share manipulation, fraud and other potential issues in its proposed spot bitcoin ETF, according to a notice to the company on Tuesday.
-
The agency also flagged its concerns about the Bitwise Bitcoin ETP Trust's liquidity and transparency and requested more color on the “suitability” of bitcoin as the underlying asset for the fund.
-
The SEC’s request veered from its serial denials to date of other proposed spot Bitcoin ETPs.
-
Over the past two months, the agency has rejected applications from WisdomTree, Krypton, SkyBridge and Fidelity. It is weighing a number of other applications from investment firms.
-
Last December, the SEC delayed a decision on the spot bitcoin applications of Bitwise and Grayscale, a unit of Digital Currency Group, which is the parent company of CoinDesk.
-
Bitwise will have 21 days to respond to the SEC’s concerns.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CoinDesk constitutes an investment recommendation, nor should any data or Content published by CoinDesk be relied upon for any investment activities. CoinDesk strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
Recommended Content
Editors’ Picks
Ripple update: XRP shows resilience in recent crypto market sell-off
Ripple's XRP is up 6% on Tuesday following a series of on-chain metrics, which reveals investors in the remittance-based token held onto their assets despite the wider crypto market sell-off last week.
Floki DAO floats liquidity provisioning for a Floki ETP in Europe
Floki DAO — the organization that manages the memecoin Floki — has proposed allocating a portion of its treasury to an asset manager in a bid to launch an exchange-traded product (ETP) in Europe, allowing institutional investors to gain exposure to the memecoin.
Six Bitcoin mutual funds to debut in Israel next week: Report
Six mutual funds tracking the price of bitcoin (BTC) will debut in Israel next week after the Israel Securities Authority (ISA) granted permission for the products, Calcalist reported on Wednesday.
Crypto Today: BTC hits new Trump-era low as Chainlink, HBAR and AAVE lead market recovery
The global cryptocurrency market cap shrank by $500 billion after the Federal Reserve's hawkish statements on December 17. Amid the market crash, Bitcoin price declined 7.2% last week, recording its first weekly timeframe loss since Donald Trump’s re-election.
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy
Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.