{"id":163345,"date":"2023-09-27T01:46:27","date_gmt":"2023-09-26T20:16:27","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=163345"},"modified":"2023-09-27T01:46:27","modified_gmt":"2023-09-26T20:16:27","slug":"bitwise-amends-spot-bitcoin-etf-application-with-new-detailed-argumentation-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitwise-amends-spot-bitcoin-etf-application-with-new-detailed-argumentation-crypto-news\/","title":{"rendered":"Bitwise amends spot Bitcoin ETF application with new, detailed argumentation – Crypto News"},"content":{"rendered":"
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Bitwise Asset Management has filed an amended application for a spot Bitcoin exchange-traded fund (ETF), beefing it up with 40 pages of new text responding to the United States Securities and Exchange Commission\u2019s (SEC) objections to the product. It still might not be enough to satisfy regulatory requirements, though, a company executive warned.<\/p>\n

Bitwise is among the six financial firms whose spot BTC ETF applications are on hold after the SEC delayed its consideration<\/a>. That move came after a court overturned the agency\u2019s rejection<\/a> of a Grayscale Investments application to convert its over-the-counter Grayscale Bitcoin Trust into a listed BTC ETF.<\/p>\n

Bitwise chief investment officer Matt Hougan explained in a thread on X (formerly Twitter) that, should the SEC appeal the Grayscale ruling, \u201cwe return to the status quo.\u201d In that case, he wrote<\/a>:<\/p>\n

\u201cWe’re back to needing to prove that the CME bitcoin futures market leads price discovery over the spot market such that it can serve as a \u2018regulated market of significant size\u2019 for the purpose of surveillance.\u201d<\/p><\/blockquote>\n

The Chicago-based CME Group operates derivatives exchanges including a BTC futures and options market. <\/p>\n

In its amended application, Bitwise engaged with what the SEC called \u201cthe \u2018mixed\u2019 or \u2018inconclusive\u2019 academic record\u201d on the lead-lag relationship between BTC futures and spot markets. After looking at academic works cited in 11 previous SEC disapproval orders for spot BTC exchange-traded products, Bitwise said<\/a>, \u201cThe data show convincingly that the CME is the leading source of price discovery.\u201d<\/p>\n

\n

1\/ NEW: Bitwise Spot Bitcoin ETF Update<\/p>\n

NYSE today filed an amended application to list the Bitwise Bitcoin ETF Trust, complete with 40+ pages of new research from Bitwise.<\/p>\n

The research addresses key concerns the SEC has raised around spot bitcoin ETFs.<\/p>\n

Here\u2019s why it matters \u2014 pic.twitter.com\/RPb7OXRGat<\/a><\/p>\n

\u2014 Matt Hougan (@Matt_Hougan) September 25, 2023<\/a><\/p><\/blockquote>\n

Furthermore, Hougan summarized that the amended application demonstrated that \u201cevery well-designed academic study supports the finding that the CME is \u2018significant,\u2019\u201d countering several arguments put forward by the SEC in previous disapproval decisions.<\/p>\n

The conclusions reached in the amended Bitwise application are significant for meeting SEC requirements. The agency has determined that a listing exchange must have a surveillance-sharing agreement with a regulated market, such as the CME BTC futures market, that is “of significant size.” That requirement comes into force if an exchange \u201ccannot establish that other means to prevent fraudulent and manipulative acts and practices are sufficient.\u201d The SEC has found that to be the case for previous applicants.<\/p>\n

Hougan warned, \u201cSurveillance sharing agreements with spot exchanges are positive, but may not satisfy the technical regulatory requirements.\u201d<\/p>\n

Magazine: Bitcoin ETF optimist and Worldcoin skeptic Gracy Chen: Hall of Flame<\/a><\/em><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitwise Asset Management has filed an amended application for a spot Bitcoin exchange-traded fund (ETF), beefing it up with 40 pages of new text responding to the United States Securities and Exchange Commission\u2019s (SEC) objections to the product. It still might not be enough to satisfy regulatory requirements, though, a company executive warned. Bitwise is […]<\/p>\n","protected":false},"author":2,"featured_media":163346,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[235,203,210,234,231,232,237,238,236,233],"class_list":["post-163345","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","tag-bitcoin","tag-crypto-currency","tag-elon-musk","tag-ethereum","tag-hyperledger","tag-ibm","tag-mining","tag-nodes","tag-spacex","tag-tesla"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/163345","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=163345"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/163345\/revisions"}],"predecessor-version":[{"id":163348,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/163345\/revisions\/163348"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/163346"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=163345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=163345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=163345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}