The US Securities and Exchange Commission (SEC) has decided to reconsider Bitwise and NYSE Arca's bitcoin ETF application.
The regulator has reported through a statement that it will be hearing statements for and against the approval of this new instrument until December 18. However, the SEC has said the ban on the launch of the bitcoin ETF will be in force while the application is reviewed.
No one knows the reason why the regulator has decided to review Bitwise's application. Matt Hogan, the company's research director, has said his company has not contacted the SEC to ask it to reconsider the case, adding that "we appreciate the opportunity to comment and continue the dialogue with the SEC."
Contrary to what happened with the initial application, this time the SEC does not have a fixed deadline for making a decision. For example, the SEC took a whole year to make a final decision on whether to approve or not the application for the launch of a bitcoin ETF filed by the Winklevoss brothers.
Bitwise's application is not the only one filed with the SEC. The regulator is also studying the application filed by Wilshire Phoenix and NYSE Arca.
At press time, BTC price has fallen by 4.29% over the last 24 hours and is trading at $8,174.48.
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