The SEC rejected the Bitwise ETF. This is par for course. However, they also took the opportunity to write a 122 order on the matter.
Another Bitcoin ETF being rejected isn’t too exciting, but the 122 page order gives a lengthy insight into the minds of the SEC.
In that sense, it may be worth taking a look at the 122 page “Order Disapproving a Proposed Rule Change, as Modified by Amendment No. 1, Relating to the Listing and Trading of Shares of the Bitwise Bitcoin ETF Trust Under NYSE Arca Rule 8.201-E.”
If not, at least read Bitwise’s TLDR on it:
Though “disapprove” doesn’t seem positive, this is a productive step in the journey toward a regulated crypto ETP. https://t.co/fu3KWJYhI5
— Bitwise (@BitwiseInvest) October 10, 2019