The U.S. Securities and Exchange Commission mentioned on Tuesday it had not determined on whether or not to permit the listing of a spot bitcoin exchange-traded fund by Bitwise Asset Management, and requested for public feedback on features of the fund’s utility.
The regulator mentioned it could institute proceedings to resolve whether or not to approve or reject the listing of Bitwise Bitcoin ETP Trust on Intercontinental Exchange Inc’s NYSE Arca change.
The delay comes after the SEC has denied spot bitcoin ETFs by a number of issuers in current months, together with Fidelity, SkyBridge, and Valkyrie, all of which sought to offer straightforward publicity to the digital forex.
The SEC in October accepted two bitcoin futures-based funds, the ProShares Bitcoin Strategy ETF and the Valkyrie Bitcoin Strategy ETF, which made their Wall Street debuts the identical month.
In delaying the Bitwise ETF, the SEC requested any events to ship it feedback on sure components of the ETF utility, together with on the anticipated quantity of the ETF, in addition to whether or not it might turn into a predominant affect on costs in bitcoin futures buying and selling on CME Group’s change.
The value of bitcoin has misplaced practically half its worth in current months, having hit a six-month low of $32,950 on Jan. 24, from a peak of $69,000 hit in November. The world’s largest cryptocurrency was final buying and selling at round $38,650.
(Reporting by Medha Singh and Kanika Sikka in Bengaluru and John McCrank in New York; Editing by Anil D’Silva and Aurora Ellis)