The United States Securities and Exchange Commission (SEC) continued to delay decisions on Bitcoin exchange-traded funds (ETFs). Last year in December, the SEC postponed two major Bitcoin exchange-traded offering proposals. This included the “real” NYSE Arca Bitcoin ETF, called the Bitwise Bitcoin ETP Trust, and the Grayscale Bitcoin Trust Bitcoin ETF.
There was a lot of uncertainty since the delay. Although this time, there might be a little twist with the recent app.
The new avatar of the SEC
According to a notice to the company on Tuesday, the SEC asked the executives to provide some clarity. It is primarily to understand Bitwise’s steps to prevent stock manipulation, fraud, and other potential issues in its proposed Bitcoin ETF.
In addition to this, watchdogs even pointed to the liquidity and transparency of the Bitwise Bitcoin ETP Trust. In addition, he requested information on the “suitability” of Bitcoin as an underlying asset for the fund. Now, the firm had 21 days to respond to the SEC’s concerns.
Additional analysis was online to compensate for fraudulent and manipulative acts and practices. That said, this wasn’t the only app that had suffered greatly in the past. In the past two months, the agency has turned down applications from WisdomTree, Krypton, SkyBridge and Fidelity.
Frustration
Needless to say, this caused a sense of frustration among the crypto community, including congressmen. In an interview, Tom Emmer responded to SEC Chairman Gary Gensler on the BTC Spot ETF debate.
He once said in the past: what Gensler is doing is “intentional” and not “ignorant”, in an attempt to “increase his regulatory jurisdiction over this industry”.