Bitwise Will Refile Its BTC ETF Proposal “As Soon As Appropriate”

After the news showing that Bitwise was rejected by the United States regulators for its Bitcoin exchange-traded fund (ETF), we can see that the company made a decision and that Bitwise will refile their application for an exchange-traded fund.

A press release published on October 9 first hinted that while the company refused their ETF application, they were buoyant about the progress. The verdict had seen many delays prior to the final decision this week which shows that Bitwise will refile the ETF again soon.

As we can see it in the Bitcoin news updates, the press release states:

“We deeply appreciate the SEC’s careful review. The detailed feedback they have provided in the Order provides critical context and a clear pathway for ETF applicants to continue moving forward on efforts to list a bitcoin ETF. […] We look forward to continuing to productively engage with the SEC to resolve their remaining concerns, and intend to re-file as soon as appropriate.”

According to officials in the crypto news, everyone is “pleased with progress” from SEC. Previously, Bitwise appeared confident that a positive outcome could still occur.

“We’re closer than we’ve ever been before to getting a Bitcoin ETF approved,” CEO Matt Hougan toldmainstream media on Oct. 7.

He recently spoke to the media again on the Bitcoin news now that Bitwise will refile its application, concluding:

“While we were not able to satisfy the SEC’s concerns inside the statutory 240-day review window afforded these filings, and while they have identified the need for additional data and context to interpret our key findings, we are pleased with the progress that the industry has made and believe that, with additional research and continued progress in the broader ecosystem, the remaining concerns and challenges raised in this order will ultimately be satisfied.”

Meanwhile, the current market and Bitcoin price news show that despite this regulatory bump, BTC’s price is trading nicely and is gaining value as we speak. At press time, Bitcoin (BTC) is around $8,500 and everything is improving as we speak.

Still, the regulatory scrutiny by SEC seems to continue after September this year, when another ETF proposal by VanEck and SolidX was withdrawn by its sponsors. At the time, the SEC delayed its judgement on a third offer from Wilshire Phoenix.