WisdomTree wants the SEC to approve a spot bitcoin ETF after success in Europe.
WisdomTree is attempting to launch a spot bitcoin exchange-traded fund even though its peers have failed.
The firm filed with the U.S. Securities and Exchange Commission last week, making it its second bitcoin ETF application after an initial rejection two years ago."We've been able to successfully launch products in Europe," the firm's global chief investment officer said onthis week. "The European regulators have been more friendly, and they've been able to get comfortable with the mechanisms, the custodians [and] how the markets work.
The SEC rejected WisdomTree's previous applications in 2021 and 2022 on the notion they came in short to protect investors and the public interest."Some of the new filings have these data sharing agreements, surveillance sharing, new ways of doing it," he said. "Now the question is: Will that address the SEC's concern on market manipulation? But that is one of the things I think we're all trying to address.".
"It's hard for me to comment too much about all the details while you're in these [filing] periods," Schwartz said when "ETF Edge" host Bob Pisani asked him why he thinks the SEC will approve the spot bitcoin ETF this time. "But I think the key is, will the exchanges share data … and [will the SEC] have more comfort than what was previously done before? I think the data sharing agreements are the key element for that.
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