Bitwise provided the SEC with a detailed review of the academic record about the bitcoin futures market and its relationship to spot pricing.
decisions on seven recent proposals, with Bitwise's latest application receiving a deadline of Oct. 16.
"In order to address all of the Commission’s critical questions regarding the mixed academic record, the Sponsor reviewed all eleven disapproval orders referenced above and summarized the critical questions the Commission has raised regarding the mixed academic record across these orders," it continued.
"The Sponsor believes the academic record clearly demonstrates that the CME bitcoin futures market leads the spot market, and therefore meets the first prong of the significant market test," NYSE Arca wrote, before beginning a separate section of the filing to"comprehensively address all eight disagreements the Commission raised regarding the Sponsor’s prior analyses in Bitwise Order II.
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