The SEC has begun to review a rule change for the NYSE’s Arca ETF with a decision due in 45 days.

The NYSE filed for permission to launch Bitcoin-related ETFs last year hoping to launch five separate ETFs linked to both bull and bear futures contracts listed on NYSE Arca. Now the NYSE Arca exchange has filed a rule change proposal to list and trade shares of the Bitwise Bitcoin ETF Trust.

The ETFs would reportedly be linked to the price of Bitcoin futures on the Chicago Mercantile Exchange (CME) and the Chicago Board Options Exchange (CBOE). Also, provider Bitwise Asset Management filed an ETF application on 10 January, with the proposed ETF tracking the Bitwise Bitcoin Total Return Index.

Those submitting ETFs had expressed concerns that their submissions may be delayed as a result of the staff shortages caused by the Trump Wall dilemma and the resulting US government shutdown.

As BitcoinNews has reported, the SEC staff shortage had impacted on some of its services, but Jake Chervinsky, a lawyer with Kobre & Kim disagrees with suggestions that if the SEC missed its deadlines the ETFs should be automatically approved. He claimed that the risk of delays was unlikely, suggesting “In reality, that it won’t happen. The SEC will handle it one way or another: a one-page denial, a request for withdrawal, or something else.”

There has been a clear change of stance surrounding the whole ETF approval discussion recently, and some light at the end of the tunnel, as prominent players make encouraging remarks. SEC Commissioner Heister Peirce continues to give hope to the crypto community whilst the Commissioner at the United States Commodity Futures Trading Commission (CFTC) continues to be a critic of the SEC’s, arguing that potential price manipulation should not be a barrier to the SEC approving a Bitcoin ETF.

Follow on Twitter: @BitcoinNewsCom

Telegram Alerts from

Want to advertise or get published on – View our Media Kit PDF here.

Image Courtesy:
Comments are closed.

Check Also

FATF to Enforce Time Restriction on Exchanges’ Customer Information

The Financial Action Task Force (FATF), who met last week for another round of talks to de…