The U.S. Securities and Exchange Commission (SEC) approved a proposal by NYSE Arca to list and trade shares of a brand-new Bitwise exchange-traded fund (ETF) that combines Bitcoin and Ethereum.
According to an SEC filing made public on Thursday, the agency granted approval on an “accelerated basis,” fast-tracking a moment that many investors have been eagerly awaiting.
The SEC explained its reasoning in a direct quote, saying that “the Commission finds that the Proposal is consistent with Section 6(b)(5) of the Exchange Act, which requires, among other things, that the Exchange’s rules be designed to ‘prevent fraudulent and manipulative acts and practices’ and, ‘in general, to protect investors and the public interest.’” This is a significant milestone, as the language underscores the agency’s focus on safeguarding investors while opening doors to new…
