Law360 (October 9, 2019, 8:42 PM EDT) -- The U.S. Securities and Exchange Commission denied Bitwise Asset Management's bid to launch a bitcoin exchange-traded fund in a Wednesday order, stating that it was not convinced the "real bitcoin market" can be resistant to manipulation or fraud.
The SEC's order explained that despite attempts by Bitwise, in partnership with NYSE Arca, to illustrate to the commission that the pricing of its ETF would be shielded from manipulation and fraud, the proposal did not meet the requirements under the Exchange Act, specifically those under Section 6(b)(5).
In its application filed in January, Bitwise outlined to the SEC that it had identified...
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