The 'real' bitcoin market might not be real, and is still prone to manipulation: a look at SEC's rejection letter to Bitwise

Quick Take

  • The Securities and Exchange Commission (SEC) rejected Bitwise’s bitcoin exchange-traded fund (ETF) proposal on Wednesday 
  • Along with the decision, the SEC also detailed its concerns over Bitwise’s proposal, shedding light on the steps ETF hopefuls could take to win an approval 
The writing was on the wall that Bitwise’s filing for a bitcoin exchange-traded fund would be denied. For starters, the Securities and Exchange Commission (SEC) has never approved one before, so Bitwise’s bitcoin ETF application being accepted would have been a precedent-setting first. Another harbinger came less than a month ago, when fellow applicant Van […]

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May 5, 2022, 3:17PM UTC