In a February 11th notice, the SEC launched a review of the Bitwise Bitcoin ETF. They are looking into a rule change that would facilitate the listing and trading of shares of the Bitwise Bitcoin ETF Trust and the New York Stock Exchange Arca Rule 8.201-E.
Previously, the SEC has expressed two primary concerns in the past about approving the Bitcoin ETF. Those include seeing key upgrades in cryptocurrency markets and better market surveillance and custody of cryptocurrencies.
SEC Commissioner Hester Peirce is concerned the SEC’s approach looks like a merit-based system, judging the underlying Bitcoin markets saying that crypto markets are not regulated enough. She goes on to say that there re a lot of markets that aren’t regulated and yet, the SEC builds products on top of them and so the SEC has to be careful about using that reasoning.
Read More about Bitcoin ETF Filing with the SEC by clicking here.