Bitwise Asset Management submitted a filing on June 16 for a proposed rule change that would accommodate its planned Bitcoin spot ETF.
Bitwise refiles for Bitcoin spot ETF
The U.S. Securities and Exchange Commission (SEC) rejected a previous Bitcoin spot ETF application from Bitwise in June 2022.
At that time, the SEC said that Bitwise’s ETF could not put in place an adequate surveillance-sharing, could not provide protection against market manipulation, and could not show that the relevant market was of significant size.
However, the SEC said that future applications could potentially meet these criteria, and Bitwise attempted to show that this is the case in its latest filing.
Also, in the new filing, BitWise said the SEC should approve, reject, or start other proceedings around its proposed rule change within 45 to 90 days.
The application was published by the New York Stock Exchange (NYSE) but has not been processed by the SEC, meaning that the actual deadline is unclear.
Proposal follows BlackRock news
Bitwise’s latest filing follows a June 15 Bitcoin spot ETF filing from the asset management giant BlackRock. That application has prompted optimism due to the fact that the SEC has rarely rejected BlackRock’s ETF applications, though some experts suggest that the application is unlikely to succeed.
The U.S. SEC has not yet approved a Bitcoin spot ETF and has rejected numerous other applicants within the cryptocurrency and financial industry.
Bitwise CEO Matthew Hougan acknowledged the situation in March. There, he said that although he believes the U.S. will eventually approve a spot Bitcoin ETF, there is currently “no path forward” for companies that want to offer such a fund.
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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ZachXBT, an on-chain crypto “sleuth”, is named in a June 15 lawsuit that alleges he published a defamatory article.
Crypto entrepreneur Machi Big Brother wrote on June 16:
A year ago, [ZachXBT] published a Medium article about me that damaged my reputation … I have consistently maintained that the allegations in his article are false. I look forward to proving through the lawsuit that [he] unlawfully defamed me.
ZachXBT’s 2022 article specifically accuses Machi of embezzling 22,000 ETH ($37.8 million) from a crypto project called Formosa Financial in 2018.
Machi’s case filing contests that ZachXBT is responsible for “publishing and maliciously promoting” allegedly false claims that damaged the reputation of the plaintiff.
ZachXBT establishes legal fund
ZachXBT responded on June 16 by stating that Machi’s lawsuit is a “baseless and attempt to chill free speech.” He added that he intends to fight the case.
ZachXBT highlighted the cost of legal defense and said that expenses could be more than $1 million. He noted that Machi is “very wealthy.” In order to offset this, ZachXBT opened a cryptocurrency donation address, noting that funds that are not spent on his legal defense will be returned to donors.
The case was filed in the U.S. District Court for the Western District of Texas.
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
Latest Bitcoin Stories
Disclaimer: Our writers' opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
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