SEC Asks Bitwise to Address Concerns About Proposed Spot Bitcoin ETF

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The SEC has asked Bitwise to clarify how the investment firm will prevent share manipulation, fraud and other potential issues in its proposed spot Bitcoin ( $62,563.00 ) ETF, according to a notice to the company on Tuesday.

The agency also flagged its concerns about the Bitwise Bitcoin ( $62,563.00 ) ETP Trust’s liquidity and transparency and requested more color on the “suitability” of Bitcoin ( $62,563.00 ) as the underlying asset for the fund.
The SEC’s request veered from its serial denials to date of other proposed spot Bitcoin ( $62,563.00 ) ETPs.
Over the past two months, the agency has rejected applications from WisdomTree, Krypton, SkyBridge and Fidelity. It is weighing a number of other applications from investment firms.
Last December, the SEC delayed a decision on the spot Bitcoin ( $62,563.00 ) applications of Bitwise and Grayscale, a unit of Digital Currency Group, which is the parent company of CoinDesk.
Bitwise will have 21 days to respond to the SEC’s concerns.