Bitwise Asset Management has published a press release in which they inform they appreciate the U.S. Securities and Exchange Commission (SEC) review of the ETF presented by the company. 

At the same time, Matt Hougan, Global Head of Research at Bitwise, mentioned they will resolve the remaining concerns and continue to productively engage with the regulatory agency. 

Challenges and Concerns To Be Satisfied

A few hours ago, the U.S. Securities and Exchange Commission decided to reject Bitwise’s Bitcoin ETF application. This is something that was expected by the market considering the regulatory agency was very clear regarding the different issues that were affecting the market. 

In a recently released announcement, Bitwise informs they appreciate the analysis performed by the staff of the SEC regarding their Bitcoin ETF application. 

The company has also mentioned they are looking forward to working with its partners and re-file an application to list and trade shares of the Bitwise Bitcoin ETF Trust ‘as soon as appropriate.’

The SEC decision to reject the Bitwise Bitcoin ETF Trust was presented in a 112-page order in which they informed that they do not approve the NYSE Arca to list and trade this new Bitcoin ETF.

“We deeply appreciate the SEC’s careful review,” said Mr. Hougan. “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.”

He went on saying that they are looking forward to continuing to productively engage with the SEC to resolve their remaining concerns and submit a new application as soon as possible. 

Bitwise considers that although they were not able to satisfy the SEC’s concerns regarding this application, they are pleased with the progress that the industry has made. 

Matt Hougan commented about a future approval of a Bitcoin ETF:

“… [we] 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.”

Bitwise has been engaging in different analysis and responded critical questions the SEC raised regarding the company’s application. 

In a recent interview with CNBC, Matt Hougan said that they considered that they were closer than they have ever been before getting a Bitcoin ETF approved. At that time, enthusiasts in the crypto market renewed their hopes for the U.S. SEC to approve the first-ever Bitcoin ETF.