SEC delays decision on Bitwise’s Spot Bitcoin fund

The U.S. Securities and Exchange Commission has delayed its decision on the Bitwise Bitcoin ETP filing from Bitwise Asset Management on Tuesday evening. The agency put off its decision because it is looking for clarification on how Bitwise Asset Management will avert fraudulent activity and other potential manipulative actives per a notice put out yesterday. Bitwise Asset Management will have 21 days to reply to the request of the SEC in order to provide a better understanding of the concerns regulators have. The continued regulatory wrangling over an exchange-traded product related to Bitcoin (BTC-USD) comes as the cryptocurrency has rallied of late after dropping below $33K last month. The crypto asset has now climbed above $38.5K as it looks to retake the 40K marker. A spot bitcoin fund remains on the sidelines as the SEC have yet to approve such an instrument. Up until now, regulators have denied a spot Bitcoin ETF