The cryptocurrency index fund provider, Bitwise Asset Management, has United States Commission for Security and Trade (SECOND) to launch a new Bitcoin (BTC) Exchange Traded Fund (AND F), according to one registration form published today, January 10th.
According to the form, the ETF proposed by Bitwise will follow the Bitwise Bitcoin Total Return index, the value of which is "calculated based on bitcoin prices that the index provider derives from bitcoin price transactions involved in cryptographic exchanges. currencies ". Press release Accompanying the newly filed form, the proposed Bitcoin ETF would be different from the other Bitcoin ETFs previously proposed in that it derives prices from various cryptographic exchanges, with the aim of better representing the market.
Bitwise Bitcoin ETF would also differ from other applications in that it would require "regulated third parties to maintain its physical bitcoin".
In his press release, John Hyland, Global Head of ETFs at Bitwise, said:
"Have a regulated bank or a trust company holding the physical assets of a fund has been the norm in US business fund regulation for 80 years, and we believe that it is now possible with Bitcoin. "
Like Cointelegraph reported in July, Bitwise filed a file with the SEC to launch a crypto ETF tracing the Bitwise HOLD 10 Private Index Fund, a basket of ten cryptocurrencies. To press the time, a decision of the SEC is still pending.
An ETF is a security that tracks an asset or group of assets and is traded in the same way that the shares are listed. Like Cointelegraph reported earlier this month, From Japan Financial Services Agency (FSA) denied having considered allowing Bitcoin exchange-traded funds.
The crypto industry has long been expected the approval of a Bitcoin ETF or generally crypto by US regulators, a number of companies have asked to launch such products in the country. In December, the SEC further postponed its decision on a Bitcoin ETC in investment VanEck cabinet and blockchain business SolidX on the Chicago Board Options Exchange (CBOE), Setting the new deadline to February 27, 2019.
Also in December, a SEC commissioner m said "Do not hold your breath" in the expectation of a Bitcoin ETF, speaking at the Digital Asset Investment Forum held in Washington.