Digital asset management and information provider Bitwise has taken another step in the race for approval of a Bitcoin Exchange-Traded Fund (ETF) by resubmitting its revised proposal to the United States Securities and Exchange Commission (SEC).
The company is committed to gaining approval for its ETF in the stock market and is working to navigate the myriad regulatory hurdles and enhance compliance with its new proposal.
This has been a lengthy process of feedback with the SEC, which had previously rejected an application from Bitwise in collaboration with NYSE Arca in 2019. At that time, the alleged concerns cited were market manipulation and illegal activities.
UPDATE: @BitwiseInvest has submitted their amendment for their #Bitcoin ETF pic.twitter.com/8ByhlMvdMN
— James Seyffart (@JSeyff) October 25, 2023
Nevertheless, Bitwise has persisted in its determination and continues with its vision of a Bitcoin ETF. The company remains confident and optimistic that their project will ultimately gain SEC approval.
Matt Hougan, Bitwise’s Chief Investment Officer, has expressed this confidence, aligning with the sentiment of the community that believes a Bitcoin ETF is a necessary addition to the financial market.
The most notable development in Bitwise’s proposal is the introduction of the $BITB ticker symbol, which will be reserved for their potential product on the stock market.
Bitwise Aims to Be the Beacon
Bitwise’s purpose is not only based on innovation but also on the growing trend of integrating cryptocurrencies into mainstream finance.
However, the regulatory body presided over by the infamous Gary Gensler persists in its mission to encroach on people’s financial freedom.
The SEC’s decision on Bitwise’s proposal will have a significant impact on the community. Approval would mark a turning point, not only for Bitwise but for the entire community, and it would enhance the credibility of the crypto market on Wall Street.
Several years and multiple projects have been rejected in an effort to curtail and restrict not only the economy but people’s lives. Beyond the dark landscape left behind, it appears that there is light ahead.
It is worth noting that this is not the only Bitcoin ETF project on the SEC’s table. As of today, there are more than 10 options to review, with some of them already advanced in negotiations.
Therefore, it is reasonable to assume that the SEC will be pressured by the growing enthusiasm of the community.
Companies, investors, and enthusiasts are hoping that the SEC will make a positive decision before the end of the year, or at the latest, by January 2024.
