BNY Mellon to Act as Switch Agent for Bitwise’s Proposed Bitcoin ETF

BNY Mellon to Act as Switch Agent for Bitwise’s Proposed Bitcoin ETF

Bitcoin
September 12, 2019 by The Btc News
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Financial institution of New York Mellon has been appointed to function switch agent and administrator of  Bitwise Asset Administration’s proposed Bitcoin (BTC) exchange-traded fund (ETF).  Bitwise amended the S-1 kind that it submitted to the US Securities and Alternate Fee (SEC) on Sept. 11. The modification additionally lists main accounting agency Cohen & Firm as
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Financial institution of New York Mellon has been appointed to function switch agent and administrator of  Bitwise Asset Administration’s proposed Bitcoin (BTC) exchange-traded fund (ETF). 

Bitwise amended the S-1 kind that it submitted to the US Securities and Alternate Fee (SEC) on Sept. 11. The modification additionally lists main accounting agency Cohen & Firm as auditor, whereas Boston-based authorized agency Foreside Fund Providers is listed because the Bitcoin ETF’s advertising and marketing agent. 

Whether or not any of the aforementioned corporations will act of their appointed regard is determined by an eventual choice to permit the itemizing by U.S. monetary regulators.

The lengthy highway to a Bitcoin ETF

In January 2019, Bitwise filed its proposed rule change to the Securities Act of 1933 to checklist its Bitcoin ETF on NYSE Arca. Since its submitting, the ETF has skilled a circuitous sequence of delays from regulators, who’re nonetheless nervous in regards to the potential for manipulation in cryptocurrency markets and its subsequent impact on a hypothetical Bitcoin ETF. Most just lately, the SEC delayed its choice on the Bitwise ETF to Oct. 13. 

Regardless of setbacks from regulators, Bitwise CEO Hunter Horsley stays optimistic about its eventual itemizing. In an August interview, he famous that the SEC has been open concerning its issues a few Bitcoin ETF, which embody points pertaining to proof of custody. 

SEC Chairman Jay Clayton just lately stated that progress is being made vis-a-vis a Bitcoin ETF, however the company nonetheless had urgent issues that have to be addressed, stating, “There may be work left to be finished.” 

BNY Mellon in blockchain and crypto

BNY Mellon, which has over $33 trillion belongings beneath custody as of December 2018, has beforehand been concerned within the cryptocurrency and blockchain areas. It partnered with Bakkt to work on a Bitcoin futures buying and selling platform and has been working on blockchain expertise since 2015.





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