The California based startup Bitwise announced in January about its plan to launch the new Bitcoin ETF. This Bitcoin ETF deals with major regulatory pain points that usually prevented previous contenders from getting SEC approval. Finally, the countdown of 45 days begins as the SEC has to voice its verdict.
This proposal was live in the Federal Register on Feb. 15 with a countdown of 45 days in which the SEC has to decide whether to accept, reject or extend proposal. The filing of the proposal was supposed to be done long back. But due to the longest government shutdown caused the delay.
As Bitwise has regulated custodians storing physical BTC, Bitwise’s ETF may get the green signal from US regulatory watchdog. Also, the Bitwise’s global head of Exchange-Traded Funds John Hyland is quite hopeful that SEC will approve Bitcoin ETF. Notably, his confidence is clearly visible with this quote of John saying,
While there can be no assurance that the 19b-4 application will be granted or the SEC will review and ultimately accelerate the registration statement, we are optimistic that 2019 should be the year that a bitcoin ETF launches.
Earlier, the Winklevoss twins tried to launch a Bitcoin ETF, but SEC had rejected the proposal. And this served as a major blow to the crypto industry. Also, the two Van Eck and SolidX firms made a joint effort to launch crypto ETF and are now waiting for SEC’s decision. This decision may be out after Feb 27.
Although many organizations have attempted this earlier. Bitwise is on the path of following a clear set of rules that takes various factors into consideration. SEC Commissioner Hester Pierce, also known as Crypto Mom in crypto community. And he claimed that Bitcoin ETF approval may take a year long for the process to accomplish.