BITCOIN, BLOCKCHAIN

U.S. SEC Delays Three Bitcoin ETF Decisions

The U.S. Securities and Exchange Commission (SEC) has delayed its decision regarding three bitcoin exchange-traded fund (ETF) proposals.

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The three ETF’s provided by Wilshire Phoenix, VanEck/SolidX, and asset managers Bitwise Asset Management were published in the Federal Register in February and June, allowing regulators the legally mandated 240 days to make a decision.

The Wilshire Phoenix ETF decision is scheduled for Sept. 29.

Final decisions regarding the Bitwise and VanEck/SolidX ETF’s are projected to be announced by Oct. 13 and Oct. 18 correspondingly.

U.S. regulators have not yet approved any bitcoin ETF’s over fears of market manipulation, and potential divergence with futures trading.

Recently, Bitwise published reports to perused regulators that regulations and surveillance of bitcoin is increasing.

According to Bitwise, the bitcoin market is “extremely efficient” after removing data on wash trading and fake volume.

The SEC has received reassurance for Bitwise’s ETF proposal from more than 30 industry leaders, including Blockchain Capital’s Spencer Bogart, Castle Island Ventures’ Matthew Walsh, Coinbase Custody’s Sam McIngvale, and the Blockchain Association’s Kristin Smith.

Founded in 2017, Bitwise Asset Management pioneered the first cryptocurrency index fund and is the leading provider of rules-based exposure to the crypto asset space.

Based in San Francisco, the team combines modern software expertise with decades of asset management experience – coming from firms including Facebook, Wealthfront, BlackRock, NYLife Investments, IndexIQ, US Commodity Funds, Goldman Sachs, JPMorgan, and ETF.com.

The firm’s advisors and backers have experience as investors, executives, and board directors at companies including PayPal, BlackRock, Square, Coinbase, Stripe, Western Asset, Royal Bank of Scotland, Chain, Twitter, Palantir, and McKinsey.

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