The US Securities and Exchange Commission (SEC) is asking for the public’s opinion on crypto company Bitwise’s new exchange-traded product (ETP).
In a new filing, the regulator says it is seeking public comment on Bitwise’s new exchange-traded fund (ETF), which would include a combination of Bitcoin (BTC) and Ethereum (ETH), to further its adoption .
“Interested persons are invited to submit written submissions, views and arguments regarding the foregoing, including whether the proposed rule change is consistent with the [law].”
In a thread on social media platform
“NYSE Arca has filed to market a Bitwise ETP that would include both spot Bitcoin and Ether, weighted by market capitalization. The goal: to give investors balanced exposure to the two largest crypto assets in the world, in an easily accessible format.”
Spot market ETFs allow investors to expose themselves to specific assets, such as precious metals or crypto, without actually having to purchase them.
In the filing, the SEC notes that the new ETP “will operate in substantially the same manner as the Spot Bitcoin ETPs and Spot Ether ETPs previously approved by the Commission.”
Bitwise first announced its plan to launch a BTC and ETH ETF in November, when it filed an S-1 registration statement with the SEC.
BTC and ETH are trading at $100,786 and $3,890 respectively at the time of writing.
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