Bitwise will submit a new application for the launch of Bitcoin ETF

Bitwise Asset Management has announced its intention to submit a new application for the launch of an exchange-traded fund based on Bitcoin (ETF).

Earlier this week, the U.S. Securities and Exchange Commission (SEC) rejected a Bitwise application to change the rules for listing and trading Bitcoin ETFs on the NYSE Arca exchange.

The company emphasized that it appreciates the thorough analysis and detailed analysis of the application made by SEC.

“We look forward to continued productive engagement with the SEC to resolve the remaining problems and intend to submit a new application as soon as possible, ” the company said in a statement.

Bitwise also recalled that, historically, the approval of new exchange products required “many years of regulatory involvement”:

“The important thing is the constant progress and time spent on the part of the regulatory authorities, and this is what we are now observing.”

Earlier, the head of the company's research department, Matt Hougan, expressed confidence in approving the Bitcoin ETF, as the cryptocurrency market has become more regulated.

“Despite the fact that we were not able to meet the requirements of the SEC within the framework of the 240-day window established by law and the Commission needs additional reasons, we are pleased with the progress made by the industry and believe that the remaining problems will ultimately be resolved,” representatives added Bitwise.

Recall that earlier, allegedly fearing a regulator failure, VanEck and SolidX companies withdrew the application for launching bitcoin-ETF. Bitwise has chosen a different tactic and has repeatedly made attempts to convince the SEC of the readiness of the cryptocurrency market for new exchange products.

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