3 Bitcoin ETF proposal still on SEC’s decision.

Siting on Monday, the U.S. Securities and Exchange Commission (SEC) delayed making a decision on three bitcoin exchange-traded fund (ETF) proposals as slated.
The asset managers Bitwise Asset Management, VanEck/SolidX and Wilshire Phoenix, ETF’s earlier proposed this year and filed with exchanges NYSE Arca and Cboe BZX, are all seeking to become the first such investment vehicle based on bitcoin.

On February and June, the fillings were published in the federal Register, then kicking off the legally-mandated 240-day clock on a final decision.

By Oct. 13 and Oct. 18 respectively , they final decisions on the Bitwise and VanEck/SolidX proposals are expected to come up. By Sept. 29, the next decision on the Wilshire Phoenix proposal is scheduled to take place.

Despite a number of companies having proposed bitcoin ETFs in recent years, the regulatory agency is yet to approve any, citing some issues ranging from concerns with market manipulation, market surveillance and a potential divergence with futures trading as the case.

Bitwise is here to sought out the issues and alleviate these concerns, then by publishing multiple reports indicating that the actual bitcoin market is smaller, more regulated and as such ,much better surveillance than expected, and that it trades tightly with CME’s futures market.

With regards to exclution of wash trading and fake volume data, the company maintains that the bitcoin market is “extremely efficient,”

Bitwise’s ETF proposal, one of the several under active consideration by the SEC, has received support from a number of individuals, more than 30 in the industry, which includes Blockchain Capital’s Spencer Bogart; Castle Island Ventures’ Matthew Walsh; Coinbase Custody’s Sam McIngvale; the Blockchain Association’s Kristin Smith; and SEC .

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Credit: Nikhilesh De, blockchain.io

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