Bitwise Asset Management requested the withdrawal in a filing posted with the US SEC on 14th January. The US SEC has not yet approved any bitcoin exchange traded-funds. Bitwise’s BTC ETF proposal was already rejected by the US SEC back in October 2019.
SEC was reviewing its rejection of BTC ETF.
Bitwise Asset Management’s decision to withdraw its application for BTC ETF was quite surprising as the US SEC had said that it was reviewing the rejection of the BTC ETF application filed by Bitwise. The proposal was filed in conjunction with NYSE Arca. SEC rejected the proposal citing that it did not meet legal requirements to prevent market manipulation or other illicit activities. Bitwise did not request the SEC to review the rejection.
The decision on Wilshire Phoenix’s Bitcoin ETF to be announced next month.
The US SEC postponed making a decision on a bitcoin, a US Treasury bond exchange-traded fund proposal filed by Wilshire Phoenix. The SEC will announce the decision on 26th February 2020. The Exchange Commission so far has rejected more than a dozen Bitcoin ETF citing reasons that the market is still vulnerable to manipulations. It is not clear whether the SEC will approve any bitcoin ETF any time soon.