Bitwise to the SEC: We Still Want to Launch a Bitcoin ETF
Digital asset manager Bitwise has sent a new appeal to the US Securities and Exchange Commission (SEC), in which he notified the regulator that he intends to seek approval of the Bitcoin ETF.
The letter came in response to the SEC’s 112-page refusal to approve the ETF, which it issued in October. In its latest address, Bitwise once again seeks to dispel SEC doubts about market manipulation and the exchange of data on market activity.


In terms of market manipulation, Bitwise writes that Bitcoin is “uniquely immune” to them, as its price is determined in the open market. Traditional markets, on the other hand, “rely on an agreed fixed valuation,” which sometimes leads to incidents, such as the manipulation of the LIBOR rate in 2012.

“Bitcoin’s inherent fungibility and the distributed nature of the market allows for efficient arbitrage between different trading platforms, which helps to insulate Bitcoin from attempts to manipulate individual markets.”.
Commenting on the requirement to exchange market surveillance data, Bitwise notes that it and NYSE Arca, which originally sponsored the filing, have the necessary agreement with the Chicago Mercantile Exchange (CME) through their participation in the Intermarket Monitoring Group. In addition, the CME reference rate, which is used for settlements on regulated futures, also uses measures to reduce the impact of possible market manipulation..

According to Bitwise, “a large number” of US investors are already working with bitcoin and need safe and effective tools to do so. In its latest address, the company says it wants to give them the following tools: “We believe that ETFs will provide material security for millions of US investors who are currently using other instruments to gain market access, as well as any other investors who in the future may want to do it “.
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