The United States Securities and Exchange Commission (SEC) is reviewing its decision to reject the Bitcoin (BTC) exchange-traded fund (ETF) filing from Bitwise Asset Management and NYSE Arca.
Taking a second look
In an announcement on Nov. 18, the commission said that the ETF filing from Bitwise Asset Management and NYSE Arca will return to review, following the earlier rejection for not meeting the necessary requirements.
In October the U.S. regulators said that the applicants did not meet the necessary requirements regarding possible market manipulation and illicit activities. The SEC wrote at the time:
"The Commission is disapproving this proposed rule change because, as discussed below, NYSE Arca has not met its burden under the Exchange Act and the Commission’s Rules of Practice to demonstrate that its proposal is consistent with the requirements of Exchange Act Section6(b)(5), and, in particular, the requirement that the rules of a national securities exchange be designed to prevent fraudulent and manipulative acts and practices.”