The proposed Bitwise Bitcoin exchange traded fund (ETF) is all over the latest cryptocurrency news. As today’s updates show, BNY Mellon is the name of the company which will act as the transfer agent and administrator of the fund.
When Bitwise amended the S-1 form application which has been submitted to the United States Securities and Exchange Commission (SEC) on September 11, it was clear that BNY Mellon was listed as the new transfer agent. The amendment also lists the major accounting firm Cohen & Company as the official auditor, while the Boston-based legal firm Foreside Fund Services is listed as the official marketing agent for Bitwise’s Bitcoin ETF.
We don’t know whether any of these firms will act in their appointed regard. It really depends on an eventual decision to allow the listing by US financial regulators. What’s interesting is the fact that in January 2019, Bitwise filed its proposed rule change to the Securities Act of 1933 – which was a main topic on many best cryptocurrency news sites back then – listing its Bitcoin ETF on NYSE Arca.
Since the filing, the ETF has experienced a circuitous series of delays from the regulators who are still nervous about the potential manipulation in the crypto markets and the subsequent effect on a hypothetical Bitcoin ETF. In the recent news, we also saw that the SEC delayed its decision on the Bitwise ETF and moved the dat to October 13.
Despite the setbacks put by regulators, BNY Mellon is listed as the new transfer agent and the CEO of Bitwise Hunter Horsley remains optimistic about the listing. As he said in an interview in August this year, the SEC has been open regarding its concerns about a Bitcoin ETF, which include issues related to proof of custody.
Meanwhile, the SEC Chairman Jay Clayton recently said that a lot of progress is being made with the Bitcoin ETF application. However, he also pointed that the agency still has pressing concerns which need to be addressed. He said that “There is work left to be done.”
BNY Mellon has more than $33 trillion in assets under custody as of December 2018 and has previously been involved in the cryptocurrency and blockchain space. The company has also partnered with Bakkt to work on a Bitcoin futures trading platform and has been active in the field blockchain since 2015.
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“$BTC Red Alert!! Big move should happen in the next few days or early next week!! Ema’s are all bunched up together. And right at resistance,” he wrote on Twitter.https://twitter.com/CryptoFib/status/1173407775965233152 The trader also elaborated on a potential Bitcoin breakout. He leaned to the low side, suggesting a wick down below $9,000 which would not last for very long.
“It has always been my theory that $BTC is just building a new base to move off of. Could it wick down to 8500? Sure it could, but too many people are looking at that area and calling it,” he said.Other traders also suggested that a big move could be coming Bitcoin's way very soon. Right now, the bulls are struggling to overcome resistance at $10,450 and BTC has been below that for the past week. On the low side, a fall to $10,000 is where the first support zone for BTC lies. Just like DC Forecasts, many other best cryptocurrency news sites reported about something big potentially coming this week.
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