The Securities and Exchange Commission (SEC) on July 13 pushed back its decision on Wisdom Tree’s Bitcoin ETF requesting public feedback. Reports indicate that this request will enable members of the public to offer their opinions on whether the trust should be denied or approved. The SEC’s notice reads:
“The Commission requests that interested persons provide written submissions of their views, data, and arguments concerning the issues identified above, as well as any other concerns they may have with the proposal.”
Public comments should be submitted to the Federal Register within 21 days, and rebuttals need to be filed within 35 days after publication. The SEC is requesting comments and opinions on whether the public is convinced that the proposed Bitcoin ETF would be vulnerable to manipulation and whether the crypto exchange’s proposal is designed adequately to avoid fraudulent and manipulative acts and practices.
The SEC said in the release:
“The Exchange asserts that the manipulation concerns previously articulated by the Commission are sufficiently mitigated to the point that they are outweighed by quantifiable investor protection issues.”
The Wisdom Tree application was initially filed with the SEC on March 26, 2021, and the watchdog first asked the public to comment in April. On May 26, the SEC increased time before they approve or disapprove the proposed rule change.
The Securities and Exchange Commission is now reviewing most applications similar to this one, including another also by Wisdom Tree for an Ether ETF. A decision on this Bitcoin ETF may come later in the year, provided that no other delays come up.