SEC Extends Decision On WisdomTree’s Bitcoin ETF Application

2021-7-15 18:22

The U.S Securities and Exchange Commission (SEC) has postponed its decision on WisdomTree's Bitcoin exchange-traded fund (ETF) application.

SEC Seeks Public Comments On WisdomTree's Application

The SEC pushed back its decision to get feedback from the public on WisdomTree's application. According to the federal securities regulator, public comments would help ascertain whether the ETF would be safe for investors.

The public would be required to communicate their position on whether the ETF should be approved or denied.

The SEC also wants to know if the public thinks that the proposed Bitcoin ETF would be susceptible to market manipulation. It also intends to determine if the ETF is designed to prevent fraudulent and manipulative acts and practices. The SEC explained,

“The Exchange asserts that the manipulation concerns previously articulated by the Commission are sufficiently mitigated to the point that quantifiable investor protection issues outweigh them.”

Members of the public are expected to submit their comments to the Federal Register within 21 days, while rebuttals would be filed 35 days from publication.

The SEC is still struggling to decide on whether to approve an ETF or not. This is the second time the regulator is asking for public comment on the same WisdomTree's application.

The first time the commission asked for public comments was in April this year, a month after WisdomTree first filed its Bitcoin ETF application. On May 26, the SEC designated even a longer time to approve or disapprove WisdomTree's proposed rule change.

WisdomTree has been working on ETFs since last year.

In June 2020, the firm applied for an ETF focused majorly on agriculture, energy, and metals, in which 5% of the assets would be invested in Bitcoin futures contracts. In addition to its Bitcoin ETF, the firm also filed for an Ethereum ETF in May this year.

WisdomTree Investments was founded in 2006 as an asset management firm based in the US. The company has subsidiaries in Canada, Europe, and Japan and was established by Jonathan Steinberg.

The SEC Continues Stalling ETF Applications

The SEC is still reviewing several applications for both Bitcoin and Ethereum ETFs. Some of the applications have come from firms like VanEck, Kryptoin, and Fidelity. The regulator is yet to approve any crypto ETF within the US.

Proponents claim that a Bitcoin ETF can help investors by creating a more regulated market. Yet, the SEC continues to stall while citing volatility and market manipulation as key concerns in rejecting the ETF applications.

Former chairman of the US Commodity Futures Trading Commission (CFTC), Timothy Massad, recently urged the SEC to approve a Bitcoin ETF. In a Bloomberg opinion piece, Massad said the SEC should look into approving an ETF in a way that would enhance transparency and integrity in the industry.

SEC Commissioner Hester Peirce has also made solid points supporting the approval of a Bitcoin ETF. According to CNBC, Peirce said a Bitcoin ETF approval is overdue and argued that the rejections for such funds are a kind of double standard.

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