SEC's Bitwise ETF Rejection Signals Bitcoin Market Distrust

Law360 (October 23, 2019, 4:01 PM EDT) -- The U.S. Securities and Exchange Commission has dealt yet another blow to those hoping for a bitcoin exchange-traded fund. On Oct. 9, the SEC rejected Bitwise Asset Management’s bitcoin ETF application in a 112-page decision, striking doubt as to whether the current administration will allow a cryptocurrency-based ETF in the near future.

The SEC’s decision rests on its uncertainty in the integrity of the bitcoin market and the lack of regulation over the major cryptocurrency exchanges. The rejection closes the door on the possibility of a bitcoin ETF in 2019.

Background

On Oct. 9, the SEC rejected NYSE Arca Inc.’s proposal...

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