The world’s largest stock exchange, The New York Stock Exchange (NYSE), has filed with the SEC to list a bitcoin ETF. NYSE Arca is expected to be one of the first US exchanges that will offer Bitcoin futures trading.
The “bitwise sec” is a new cryptocurrency that will be listed on the NYSE Arca. The SEC has filed with them to list it.
The New York Stock Exchange (NYSE) Group’s NYSE Arca division aims to list and run a trust based on Bitcoin (BTC) exchange-traded products (ETP).
NYSE Arca planned to list shares of the Bitwise Bitcoin ETP Trust in a rule change proposal to the US Securities and Exchange Commission (SEC).
The plan specifies that each share of the trust would be represented by fixed “units of undivided beneficial ownership,” enabling stock exchange shares to fluctuate in value in line with Bitcoin’s market price.
The trust will also be managed by two third-party partners who will act as custodian, administrator, and transfer agent. According to the paperwork:
“The Trust’s sole asset under normal circumstances will be bitcoin, and under special circumstances, cash.” The Trust shall avoid using derivatives that expose it to counterparty and credit concerns.”
Following the SEC’s approval of the rule modification, the NYSE Arca Bitwise Bitcoin ETP Trust will handle all “ordinary fees” in bitcoin (rather than cash), in order to guarantee that the Trust retains the necessary quantity of bitcoin per share.
Bitwise filed for a BTC ETF with NYSE Arca on Oct. 14, which will contain “real BTC,” according to CIO Matt Hougan. Bitwise intends to register 1,000 shares of its Bitwise Bitcoin ETP Trust with an offering price of up to $25, according to the filing. In January 2019, the business filed to the SEC for a Bitcoin ETF registration, which was eventually withdrawn due to concerns highlighted by the Commission:
“We’re now putting forth a lot of effort to respond to the SEC’s 112-page response to our original file. We are still 100% dedicated to the creation of a bitcoin ETP.”
After collecting and considering comments based on the submission, the SEC is likely to announce its approval or disapprove of the rule change proposal in the following 45 days.
Related: SEC chair doubles down on crypto businesses, telling them to “come in and speak to us”
SEC Chair Gary Gensler pushed crypto firms to register with the regulatory agency in September, prompting a flood of proposal files.
Despite years of opposition, the Securities and Exchange Commission finally authorized Valkyrie’s Bitcoin Strategy exchange-traded fund, which was registered on Oct. 26.
@ValkyrieFunds, congratulations on the launch of your Bitcoin Strategy #ETF $BTF!
https://t.co/mDrWbHn0xI pic.twitter.com/rE5QibNWiB Learn more about the U.S.-listed Bitcoin futures ETF and how it invests in a new future: https://t.co/mDrWbHn0xI
October 22, 2021 — Nasdaq (@Nasdaq)
Crypto may be a “catalyst for change” within a specified framework, according to Gensler, which can be done via regulatory clarity:
“If there are securities on these trading platforms, they must register with the Commission under our laws unless they qualify for an exemption.”
The “new sec trading rules” are a set of new rules that the US Securities and Exchange Commission has passed. The SEC is requiring companies to publicly disclose their ownership structure, which will make it easier for investors to know where their money is going.
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