{"id":23678,"date":"2023-09-26T06:20:30","date_gmt":"2023-09-26T06:20:30","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitwise-revamps-bitcoin-spot-etf-application-to-challenge-sec\/"},"modified":"2023-09-26T06:20:30","modified_gmt":"2023-09-26T06:20:30","slug":"bitwise-revamps-bitcoin-spot-etf-application-to-challenge-sec","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitwise-revamps-bitcoin-spot-etf-application-to-challenge-sec\/","title":{"rendered":"Bitwise Revamps Bitcoin Spot ETF Application to Challenge SEC"},"content":{"rendered":"

(Originally posted on : Crypto News – iGaming.org )<\/b>
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One of the first businesses to apply for a Bitcoin spot ETF in the US, Bitwise, has adopted a novel strategy to convince authorities to approve its request. The business amended its application on Monday, putting out new justifications that it claims refute the justifications for the Securities and Exchange Commission\u2019s (SEC) repeated rejection of Bitcoin spot ETFs<\/a>.<\/p>\n

Challenging the SEC\u2019s Argument<\/strong><\/p>\n

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The CME Bitcoin futures market, according to the SEC, isn\u2019t big enough or connected enough to Bitcoin\u2019s spot market to prevent potential market manipulation. This is the main justification for why the SEC has opposed allowing Bitcoin spot ETFs. Bitwise disputes this idea, claiming that the futures market has a significant impact on Bitcoin\u2019s price.<\/p>\n

We strive to\u2026 illustrate that every well-designed academic research supports the notion that the CME is significant,\u2019 as Bitwise\u2019s Chief Investment Officer stated on Twitter.<\/p>\n

According to Bitwise, the CME Bitcoin futures market is a \u201cregulated market of significant size\u201d that is suited for efficient market monitoring since it is a key factor in the determination of Bitcoin\u2019s price.<\/p>\n

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The Importance of Research<\/strong><\/p>\n

Past study serves as support for Bitwise\u2019s claim. A Bitwise analysis referenced by Hougan indicates that the relative size of the futures market is substantially bigger than the trading activity in Bitcoin\u2019s spot market, which may be mostly artificial.<\/p>\n

In a research from 2021, Bitwise discovered that CME futures had a substantial role in the process of determining the price of Bitcoin, accounting for 52.97% to 68.03% of it. The SEC said that this did not support the need for the CME to prevent manipulation, but Bitwise believes the solution is obvious.<\/p>\n

In its filing, Bitwise stated: \u201cThe Sponsor\u2019s answer can only be that 50% is the uniform academic standard across every price discovery paper the Sponsor has reviewed, as well as all academic papers the Commission has referenced.\u201d<\/em><\/p>\n

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The Ongoing Battle for Approval<\/strong><\/p>\n

After losing a battle with Grayscale in August, the SEC amended Bitwise\u2019s application. While approving futures ETFs, Grayscale claimed that the SEC unjustly rejected their proposal for a Bitcoin spot ETF. Strong arguments outlining the link between CME futures and spot pricing would be essential should the SEC decide to appeal the court\u2019s decision.<\/p>\n

\u201cIn short, we return to the status quo,\u201d Hougan said in his conclusion. Unfortunately, until today, no substantively fresh arguments or studies have been presented in prior files that directly address this issue.<\/p>\n

The fight to build regulated investment products in the United States is still being fought inside the bitcoin sector, as seen by Bitwise\u2019s resolve to contest the SEC\u2019s position.<\/p>\n<\/p><\/div>\n

Source link <\/a>
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(Originally posted on : Crypto News – iGaming.org ) One of the first businesses to apply for a Bitcoin spot ETF in the US, Bitwise, has adopted a novel strategy to convince authorities to approve its request. The business amended its application on Monday, putting out new justifications that it claims refute the justifications for […]<\/p>\n","protected":false},"author":34,"featured_media":23679,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[34],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23678"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/34"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=23678"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/23678\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/23679"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=23678"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=23678"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=23678"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}