<h1>US SEC Reopens Rejected October Bitwise Bitcoin ETF Proposal</h1>
<span style="font-weight: 400">Late October, a <strong>Cryptoknowmics</strong> correspondent </span><a href="https://www.cryptoknowmics.com/news/near-approval-for-bitcoin-exchange-traded-funds-etf"><span style="font-weight: 400">reported</span></a><span style="font-weight: 400"> US Securities and Exchange Commission (SEC) decision;  to turn down the Bitcoin Exchange-traded fund (ETF) from Bitwise Asset Management and NYSE Arca. Meanwhile, the SEC is currently reviewing its decision on the rejection of the filing. </span>

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<h2><b>Taking a second look on Bitcoin ETF Proposal</b></h2>
<span style="font-weight: 400">An announcement dated Nov 18, the authority stated the Bitcoin ETF Proposal from Bitwise Asset Management and NYSE Arca will be back on review, following a prior rejection for failing to meet the necessary requirements. In the October report, the US commission had highlighted that the application did not meet requirements and could possibly create an opportunity for market manipulation and illicit financial activity. Here is a part of the statement: </span>

<i><span style="font-weight: 400">"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.”</span></i>

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<h2><b>Continued concerns about market manipulation</b></h2>
<span style="font-weight: 400">Among the regulator’s main concerns when assessing the new commodity for exchange based on an <a href="https://en.wikipedia.org/wiki/Exchange-traded_fund">ETF</a>; was to establish whether the existing market was bulletproof of manipulation. In the SEC rejection statement, the commissioners highlighted evidence sufficiently supporting the claim that a real spot market for Bitcoin, when non-economic data and/or fake is removed; is sufficiently resistant to market manipulation. </span>

<span style="font-weight: 400">The regulator announced that it would be reviewing the proposal once again. Meanwhile, calling out any person or parties interested in supporting or opposing the file statement, to pursue action to delegated authority by Dec 18, 2019. Additionally, the commission further pointed out orders to disapprove the proposal listing of the Bitcoin ETF Proposal filing from NYSE Arca and Bitwise Asset will remain effective during the commission's pending review.</span>

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US SEC Reopens Rejected October Bitwise Bitcoin ETF Proposal

US SEC is Reconsidering Rejected Bitwise Bitcoin ETF Proposal one more time. SEC) decision to turn down the Bitcoin Exchange traded fund-ETF

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

US SEC Reopens Rejected October Bitwise Bitcoin ETF Proposal

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